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Flat In Asia

GOLD

Gold sits virtually unchanged in Asia, printing ~$1,928/oz at writing, in very limited dealing. The precious metal sits clear of Wednesday’s trough (~$1,915/oz), as worry surrounding the Russia-Ukraine conflict re: inflation/stagflation lingers.

  • To recap, gold closed ~$15/oz lower on Wednesday, as U.S. real yields moved away from multi-month lows. This dynamic was aided by Fed Chair Powell outlining his preference for a 25bp rate hike in March despite economic uncertainty re: Ukraine. Furthermore, Powell pointed to a series of rate hikes, while also signaling openness to deploying 50bp hikes later in ‘22 if inflation remains elevated.
  • Looking to technical levels, conditions remain bullish for the yellow metal. Resistance is situated at $1,950.1/oz (Mar 2 high), while support is seen at $1,878.4/oz (Feb 24 low and key short-term support).
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