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GOLD: Sharp Decline As Haven Demand Wanes

GOLD
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Gold is steady in today’s Asia-Pac session after falling earlier on President-elect Donald Trump’s threat of 25% import tariffs on Canada and Mexico buoyed the dollar.

  • Yesterday, bullion closed 3.4% lower at $2625 as some of the geopolitical risk premium surrounding the Israel-Lebanon conflict was removed.
  • Gold had already slipped on the back President-elect Trump nominating Scott Bessent for Treasury Secretary, with his policy preferences deemed less inflationary than some of the alternatives. Lower rates are typically positive for gold, which doesn’t pay interest.
  • In terms of the prevailing technicals, the trend remains bullish for now, according to MNI’s technicals team. However, yesterday’s move has brought gold through initial support at the 50-day EMA at $2,638.9, increasing the bearish threat, with the next support at $2,610.5, the Nov 19 low.
  • Similarly, silver declined over 3%. Medium-term bullish conditions in silver remain intact and the bear cycle that started on Oct 23 still appears to be a correction. However, price has recently breached the 20- and 50-day EMAs exposing $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.315, the 20-day EMA.
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Gold is steady in today’s Asia-Pac session after falling earlier on President-elect Donald Trump’s threat of 25% import tariffs on Canada and Mexico buoyed the dollar.

  • Yesterday, bullion closed 3.4% lower at $2625 as some of the geopolitical risk premium surrounding the Israel-Lebanon conflict was removed.
  • Gold had already slipped on the back President-elect Trump nominating Scott Bessent for Treasury Secretary, with his policy preferences deemed less inflationary than some of the alternatives. Lower rates are typically positive for gold, which doesn’t pay interest.
  • In terms of the prevailing technicals, the trend remains bullish for now, according to MNI’s technicals team. However, yesterday’s move has brought gold through initial support at the 50-day EMA at $2,638.9, increasing the bearish threat, with the next support at $2,610.5, the Nov 19 low.
  • Similarly, silver declined over 3%. Medium-term bullish conditions in silver remain intact and the bear cycle that started on Oct 23 still appears to be a correction. However, price has recently breached the 20- and 50-day EMAs exposing $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.315, the 20-day EMA.