Free Trial

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

GOLD
GOLD: Gold is slightly higher in Asia-Pac trade to start the week, the yellow
metal last up $2.01 at $1,268.08. Risk on sentiment saw gold take a hit on
Friday as safe assets sold off on the news of Steve Bannon's departure from the
White House and while price have risen slightly today they are still below
opening level from Friday and some $14/oz off intra-day highs.
- Despite the declines gold is still just off the highest levels this year with
many seeking "insurance" against the capricious nature of the Trump regime. CFTC
data on Friday showed net longs have risen to the highest since October.
- The rise in gold is supported by military drills on the Korean peninsular
which serve as a reminder of a the fragility of the situation between the US and
North Korea despite assurances from the South Korean president last week.
- MNI technical analysis sees support at $1280.6 - Hourly support Aug 2,
resistance is seen at $1292.0 - Alternating hourly support/resistance

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.