Free Trial

Gold is slightly lower in Asia-Pac trade on....>

GOLD
GOLD: Gold is slightly lower in Asia-Pac trade on Friday, the yellow metal last
down $1.26 at $1,320.17 but still near 10-month highs. Gold has sluggishly
trended lower throughout the session after rising around $25/oz to highs of
around $1,324/oz yesterday.
- Gold rose yesterday after the USD fell in the wake of slightly weak US data,
Pending Home Sales fell 0.8% on the month against expectations of a 0.3% rise.
The USD also came under pressure after comments from US Tsy Sec Mnuchin that a
weaker USD would boost the US's trade prospects. DXY is flat in Asia but fell to
current levels, 92.609, from 93.35 yesterday. Mnuchin also said that Storm
Harvey could bring forward the debt ceiling deadline.
- The bid in gold is also supported by ongoing tensions with North Korea, the
US, South Korea and Japan yesterday conducted more military drills in the area.
- MNI technical analysis sees support at $1313.7 - High Aug 30 now support,
resistance is seen at $1326.1 - 2017 high Aug 29.

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.