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GOLD: Pushes Higher With Middle East Tensions & Fedspeak

GOLD
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Gold is 0.2% higher in today’s Asia-Pac session, after closing with a similar sized gain yesterday. Earlier in today’s session bullion reached another all-time high at $2,635.

  • Fed speakers overnight indicated more cuts are in the future. However, comments suggested there is a high bar for an additional 50bps cut this year. Lower rates are typically positive for gold, which doesn’t pay interest.
  • The yellow metal also likely received support from increased tensions in the Middle East.
  • According to MNI’s technicals team, a bullish structure is still in place for gold. Focus is on $2,642.7 next, a Fibonacci projection.
  • In contrast, silver fell by ~1.5%. The recent break of key short-term resistance at $30.192, the Aug 26 high, signals scope for an extension towards $31.754, the Jul 11 high. Key short-term support has been defined at $27.686, the Sep 6 low.
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Gold is 0.2% higher in today’s Asia-Pac session, after closing with a similar sized gain yesterday. Earlier in today’s session bullion reached another all-time high at $2,635.

  • Fed speakers overnight indicated more cuts are in the future. However, comments suggested there is a high bar for an additional 50bps cut this year. Lower rates are typically positive for gold, which doesn’t pay interest.
  • The yellow metal also likely received support from increased tensions in the Middle East.
  • According to MNI’s technicals team, a bullish structure is still in place for gold. Focus is on $2,642.7 next, a Fibonacci projection.
  • In contrast, silver fell by ~1.5%. The recent break of key short-term resistance at $30.192, the Aug 26 high, signals scope for an extension towards $31.754, the Jul 11 high. Key short-term support has been defined at $27.686, the Sep 6 low.