Free Trial

Gold is slightly higher in Asia-Pac trade,.....>

GOLD
GOLD: Gold is slightly higher in Asia-Pac trade, the yellow metal last up $0.49
at $1,266.25. Gold has held a narrow range in Asia from $1266.88H/12640.00L
after dropping around $14/oz on Tuesday. The fall took gold to near its lowest
since early October as the House and the Senate begin work on a joint version of
the tax bill.
- A slightly weaker USD has seen gold rise slightly from its lows, DXY last down
at 93.206 - sources note that a European bank in Tokyo sold USD.
- Markets will look ahead to ADP Employment Change today before the official NFP
data on Friday.
- MNI technical analysis sees support at $1260.1 - Monthly Low Oct 6, resistance
is seen at $1269.9 - Low Nov 14 now resistance. The dip below the bull channel
base ($1263.4) and 200-DMA ($1267.0) Tuesday lacked follow through with support
emerging ahead of Oct lows. Bears need a close below $1260.1 to confirm breaks
of the channel base and 200-DMA with overall focus shifting to 2017 lows.

To read the full story

Close

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.