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Consolidating After Friday's Test Of Resistance
Bullion has consolidated Friday's NFP-inspired gains in Asia-Pac dealing, with spot last little changed, just shy of $1,830/oz. Friday saw traders seemingly pay more attention to the downtick in the USD on the back of the soft headline NFP print, as opposed to the uptick in U.S. real yields, with participants suggesting that the NFP release effectively weighed on/nullified the chances of an imminent taper decision from the U.S. Fed.
- Friday's rally was capped by the July 15 high/bull trigger ($1,834.1/oz), which continues to act as initial resistance. A break there would expose the 61.8% retracement of the decline witnessed between Jun 1 & Jun 29 ($1,853.3/oz). Initial support is seen at the August 19 low ($1,774.5/oz).
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.