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Free AccessFlat In Asia; May FOMC Eyed
Gold deals ~$1/oz softer, printing $1,977/oz at writing. The precious metal operates near the bottom of Monday’s range as the USD (DXY) has hit another fresh two-year high, keeping within a tight ~$4 band in fairly limited Asia-Pac dealing.
- To recap Monday’s price action, bullion surrendered gains after hitting fresh five-week highs at $1,998.4/oz, backing away from best levels as nominal U.S. 10-Year Tsy yields and the USD (DXY) pushed higher in the NY session, with the latter hitting two-year highs in the process. Gold ultimately closed a shade above neutral levels for the day, bucking support from a broad downtick in U.S. real yields.
- Up next, Chicago Fed President Evans (‘23 voter) is due to speak at 1605 GMT. Looking further out, focus will shift to Fed Chair Powell at an IMF event on Thursday (1700 GMT), in what will be his final public remarks before the pre-FOMC blackout period.
- A note that May FOMC dated OIS now price in a little under 50bp of tightening for that meeting, largely in line with previous comments from Powell expressing support for such a move.
- Looking to technical levels, the short-term outlook remains bullish. Resistance is situated at $1,998.4/oz (Apr 18 high) and $2,001.6/oz (61.8% retracement of Mar8-29 downleg), while immediate support is seen around ~$1,942.6/oz, near the 20-Day EMA.
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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.