MNI China Daily Summary: Wednesday, October 9

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GOLD: Down For A Fifth Straight Day

GOLD
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Gold is steady in today’s Asia-Pac session, after closing 0.8% lower at $2621.83 on Tuesday.

  • Tuesday’s move was the fifth consecutive daily loss, bringing the yellow metal to its lowest since Sept 20.
  • Analysts at Saxo Bank said the move mostly reflected an unravelling of geopolitical risk premium following the lack of an escalation in Middle East tensions this week.
  • That said, bullion has also likely been pressured by recent comments from Federal Reserve policymakers that suggest US rate cuts won’t be as aggressive as previously thought.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, yesterday’s move in gold saw it pierce support at $2615.0, the 20-day EMA. A clear break of this would open $2,584.9, Sep 20 low.
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Gold is steady in today’s Asia-Pac session, after closing 0.8% lower at $2621.83 on Tuesday.

  • Tuesday’s move was the fifth consecutive daily loss, bringing the yellow metal to its lowest since Sept 20.
  • Analysts at Saxo Bank said the move mostly reflected an unravelling of geopolitical risk premium following the lack of an escalation in Middle East tensions this week.
  • That said, bullion has also likely been pressured by recent comments from Federal Reserve policymakers that suggest US rate cuts won’t be as aggressive as previously thought.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, yesterday’s move in gold saw it pierce support at $2615.0, the 20-day EMA. A clear break of this would open $2,584.9, Sep 20 low.