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GOLD: Grinding Higher After Monday’s Sharp Decline

GOLD
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Gold is 0.2% higher in today’s Asia-Pac session, after closing 0.3% higher at $2633.15 on Tuesday. Bullion briefly spiked higher earlier in the session on headlines of a possible further escalation in tensions between Russia and Kyiv.

  • The FOMC minutes were largely taken in the market's stride given the lack of any overtly hawkish messaging. Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, Monday’s sharp pullback is considered corrective, for now, and the long-term trend condition remains bullish. Resistance to watch is $2,721.4, Monday's high. Clearance of this level would be a bullish development. Key support is $2,536.9, the Nov 14 low.
  • Silver slightly outperformed, with the gold-silver ratio at 86.2, around 1% below Monday's 2½-month high.
  • Medium-term bullish conditions in silver remain intact, although the corrective cycle that started on Oct 23 is still in play, exposing $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.287, the 50-day EMA.
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Gold is 0.2% higher in today’s Asia-Pac session, after closing 0.3% higher at $2633.15 on Tuesday. Bullion briefly spiked higher earlier in the session on headlines of a possible further escalation in tensions between Russia and Kyiv.

  • The FOMC minutes were largely taken in the market's stride given the lack of any overtly hawkish messaging. Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, Monday’s sharp pullback is considered corrective, for now, and the long-term trend condition remains bullish. Resistance to watch is $2,721.4, Monday's high. Clearance of this level would be a bullish development. Key support is $2,536.9, the Nov 14 low.
  • Silver slightly outperformed, with the gold-silver ratio at 86.2, around 1% below Monday's 2½-month high.
  • Medium-term bullish conditions in silver remain intact, although the corrective cycle that started on Oct 23 is still in play, exposing $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.287, the 50-day EMA.