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GOLD: Down For A Sixth Straight Session

GOLD
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Gold is 0.3% in today’s Asia-Pac session, after closing 0.5% lower at $2607.77 on Wednesday. 

  • Yesterday’s move was the sixth consecutive daily loss, bringing the yellow metal to its lowest since Sept 20.
  • Bullion was pressured by the FOMC minutes, which showed "some" voting members failed to sway the 50bp cut majority at the September policy meeting.
  • "Noting that inflation was still somewhat elevated while economic growth remained solid and unemployment remained low, some participants observed that they would have preferred a 25 basis point reduction of the target range at this meeting, and a few others indicated that they could have supported such a decision," the report said.
  • US yields rose across benchmarks ahead of today’s US CPI data. Lower rates are typically positive for gold, which doesn’t pay interest. Weekly US Jobless claims and a few more Fed speakers (Cook, Barkin and Williams) are also on tap.
  • According to MNI’s technicals team, the latest short-term retracement in gold is considered corrective. The trend condition is unchanged, and bulls remain in the driver’s seat.
  • A resumption of gains would refocus attention on $2,690.2, a Fibonacci projection. Firm support at $2,615.7, the 20-day EMA, has been pierced. A clear break would signal the scope for a deeper retracement to $2,584.9, the Sep 20 low.
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Gold is 0.3% in today’s Asia-Pac session, after closing 0.5% lower at $2607.77 on Wednesday. 

  • Yesterday’s move was the sixth consecutive daily loss, bringing the yellow metal to its lowest since Sept 20.
  • Bullion was pressured by the FOMC minutes, which showed "some" voting members failed to sway the 50bp cut majority at the September policy meeting.
  • "Noting that inflation was still somewhat elevated while economic growth remained solid and unemployment remained low, some participants observed that they would have preferred a 25 basis point reduction of the target range at this meeting, and a few others indicated that they could have supported such a decision," the report said.
  • US yields rose across benchmarks ahead of today’s US CPI data. Lower rates are typically positive for gold, which doesn’t pay interest. Weekly US Jobless claims and a few more Fed speakers (Cook, Barkin and Williams) are also on tap.
  • According to MNI’s technicals team, the latest short-term retracement in gold is considered corrective. The trend condition is unchanged, and bulls remain in the driver’s seat.
  • A resumption of gains would refocus attention on $2,690.2, a Fibonacci projection. Firm support at $2,615.7, the 20-day EMA, has been pierced. A clear break would signal the scope for a deeper retracement to $2,584.9, the Sep 20 low.