MNI BRIEF: China To Enhance Policy Support In 2025: NDRC

MNI BRIEF: NDRC Considering Trade-in Scheme Next Steps

MNI: PBOC Net Injects CNY162.8 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1911 Tues; +0.10% Y/Y

CHINA PBOC CONDUCTS CNY288.3 BLN VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1911 TUES VS 7.1907

MNI: US TSY TICS NET FLOWS IN SEP +$398.4B

MNI: US NAHB HOUSING MARKET INDEX 46 IN NOV

EZ/UK Bond Supply Calendar: EU Synd, UK, FI Due Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GOLD: Sharp Rebound From Oversold Conditions

GOLD
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities

Gold is 0.5% higher in today’s Asia-Pac session, after closing 1.9% higher at $2611.83 yesterday.  

  • Precious metals benefitted from the pullback in the dollar yesterday. The precious metal had been hit by the greenback rallying to a two-year high following Donald Trump’s election win, as well as signs the Fed may have to slow the pace of rate cuts due to the inflationary policies the president-elect is pledging. Lower rates are typically positive for gold, which doesn’t pay interest.
  • Yesterday Goldman Sachs reiterated its forecast for gold to reach $3,000/oz next year, noting that the recent sell-off provided an attractive entry point to buy the yellow metal.
  • According to MNI’s technicals team, the long-term trend condition in gold remains bullish, with firm resistance seen at $2,653.2, the 20-day EMA.
  • Meanwhile, silver is outperforming and was up over 2.5%. For silver, bullish conditions remain intact and the bear cycle that started on Oct 23 appears to be a correction - for now. Initial firm resistance to watch is $31.594, the 20-day EMA.
168 words

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.

Gold is 0.5% higher in today’s Asia-Pac session, after closing 1.9% higher at $2611.83 yesterday.  

  • Precious metals benefitted from the pullback in the dollar yesterday. The precious metal had been hit by the greenback rallying to a two-year high following Donald Trump’s election win, as well as signs the Fed may have to slow the pace of rate cuts due to the inflationary policies the president-elect is pledging. Lower rates are typically positive for gold, which doesn’t pay interest.
  • Yesterday Goldman Sachs reiterated its forecast for gold to reach $3,000/oz next year, noting that the recent sell-off provided an attractive entry point to buy the yellow metal.
  • According to MNI’s technicals team, the long-term trend condition in gold remains bullish, with firm resistance seen at $2,653.2, the 20-day EMA.
  • Meanwhile, silver is outperforming and was up over 2.5%. For silver, bullish conditions remain intact and the bear cycle that started on Oct 23 appears to be a correction - for now. Initial firm resistance to watch is $31.594, the 20-day EMA.