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AUSSIE BONDS

Futures A Touch Below Late Overnight Levels

MYR

Rangebound

AUD

Higher Energy Prices Lend Support

JPY

Yen Stabilises After Downtick

GOLD
GOLD: Gold has operating in a very tight range in Asian trading, struggling to
break above 1225 or below 1222, currently trading at 1123.5. 
- The short-term uptrend from the July 19 low has given way, keeping the focus
on the broader downward trend. A break above 1130 would be needed to give bulls
some breathing room, and a break above 1235 would be needed for a more
sustainable recovery.
- Fundamentally, the ongoing rise in US real rates provides the main headwind to
the yellow metal, which remains overvalued based on historical correlations.