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Flat In Asia; A Touch Below One-Month Highs

GOLD

Gold is virtually unchanged, printing $1,977/oz and operating a little below Wednesday’s best levels at typing in fairly limited Asia-Pac dealing. The precious metal has struggled for direction in Asia amidst a lack of meaningful headline flow, although a downtick in the USD (DXY) and nominal U.S. Tsy yields (with positive spillover to U.S. Tsys from the bid in ACGBs flagged earlier) has helped to facilitate a limited move off its session lows.

  • To recap, gold added ~$11/oz on Wednesday, hitting fresh one-month highs ($1,981.6/oz) during the session and recording a sixth straight day of gains. The move higher comes as U.S. real yields have broadly remained below recent cycle highs, with the DXY backing away from fresh two-year highs made on Wednesday as well.
  • U.S. PPI on Wednesday came in above expectations with the annual print hitting a fresh record high, although there was little by way of immediate reaction in the price of bullion.
  • From a technical perspective, initial resistance at $1,980.3/oz (50.0% retracement of Mar8-29 downleg) has been broken, exposing further resistance at $2,001.6/oz (61.8% retracement of Mar8-29 downleg). Support is seen some distance away, at around ~$1,915.1/oz, the 50-Day EMA.
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