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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.
PRECIOUS METALS
- Spot gold extends the recent decline, touching the lowest levels since early February and showing (albeit briefly) below $1800/oz. The move puts gold lower for four of the past five sessions, and notably gold trades softer Friday despite the bounce in US equities off the week's lows (gold and stocks were well correlated intraday Thursday).
- The greenback is mildly firmer, which will be adding some pressure as well as slightly higher US yields.
- On a technical basis, gold remains vulnerable - Wednesday's move lower confirmed a resumption of the current downtrend. The sell-off resulted in a break of $1848.8, 76.4% of the Jan 28 - Mar 8 rally. This paves the way for a move toward $1780.4, the Jan 28 low.
- The move in gold is not contained, however, with silver being the more notable underperformer in recent sessions. The move has prompted the gold/silver ratio to rally to multi-year highs this week, touching 88.5 - the highest level since mid-2020 on Thursday.
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.
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