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GOLD: Pullbacks From All-Time High

GOLD
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Gold is 0.2% lower in today’s Asia-Pac session, after closing 0.5% lower at $2658.24 on Friday. 

  • As a result, bullion currently sits some $30 lower than Thursday’s all-time high of $2685.
  • The softer performance for the yellow metal came despite a benign US inflation, consumption, and PCE inflation report underpinned expectations for more rate cuts from the FOMC ahead, including the potential for another -50 bps in November.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, last week’s move 0.9% move higher confirmed a resumption of the primary uptrend, with focus on $2675.5 next, a Fibonacci projection. Firm support lies at $2583.9, the 20-day EMA.
  • After reaching its highest level since end 2012 yesterday, silver underperformed on Friday, down by ~1.5%. For silver, bullish conditions remain intact and this week’s climb reinforces this set-up. Clearance of next key resistance at $32.518, would open $33.880, a Fibonacci projection. Firm support lies at $29.69, the 50-day EMA.
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Gold is 0.2% lower in today’s Asia-Pac session, after closing 0.5% lower at $2658.24 on Friday. 

  • As a result, bullion currently sits some $30 lower than Thursday’s all-time high of $2685.
  • The softer performance for the yellow metal came despite a benign US inflation, consumption, and PCE inflation report underpinned expectations for more rate cuts from the FOMC ahead, including the potential for another -50 bps in November.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, last week’s move 0.9% move higher confirmed a resumption of the primary uptrend, with focus on $2675.5 next, a Fibonacci projection. Firm support lies at $2583.9, the 20-day EMA.
  • After reaching its highest level since end 2012 yesterday, silver underperformed on Friday, down by ~1.5%. For silver, bullish conditions remain intact and this week’s climb reinforces this set-up. Clearance of next key resistance at $32.518, would open $33.880, a Fibonacci projection. Firm support lies at $29.69, the 50-day EMA.