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GOLD: Strong Rebound After Worst Week Since 2021

GOLD
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Gold is trading 1% higher in today’s Asia-Pacific session, recovering some ground after closing marginally unchanged on Friday at $2,563.25. Despite the modest Friday performance, the metal ended the week around 4.5% lower, marking its largest weekly decline since 2021, driven by a stronger US dollar.

  • On Friday, US Treasuries rallied off session cheaps as US equities weakened. The US 10-year rate was fractionally higher by the close at 4.44% after testing 4.50% early in Friday’s NY session. The US 2-year finished 4bps lower at 4.30% as rate-cut bets crept back in. Lower rates are typically positive for gold, which doesn’t pay interest.
  • Fast two-way trade as US Treasury yields see-sawed higher on Friday after stronger than expected Retail Sales for October and up-revisions for prior. Meanwhile, import/export price indexes come out higher than expected, while Empire Mfg jumps to late 2021 levels.
  • According to MNI’s technicals team, the move down has resulted in a breach of the 20- and 50-day EMAs, signalling scope for a deeper retracement towards $2,511.1 next, the Sep 18 low.
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Gold is trading 1% higher in today’s Asia-Pacific session, recovering some ground after closing marginally unchanged on Friday at $2,563.25. Despite the modest Friday performance, the metal ended the week around 4.5% lower, marking its largest weekly decline since 2021, driven by a stronger US dollar.

  • On Friday, US Treasuries rallied off session cheaps as US equities weakened. The US 10-year rate was fractionally higher by the close at 4.44% after testing 4.50% early in Friday’s NY session. The US 2-year finished 4bps lower at 4.30% as rate-cut bets crept back in. Lower rates are typically positive for gold, which doesn’t pay interest.
  • Fast two-way trade as US Treasury yields see-sawed higher on Friday after stronger than expected Retail Sales for October and up-revisions for prior. Meanwhile, import/export price indexes come out higher than expected, while Empire Mfg jumps to late 2021 levels.
  • According to MNI’s technicals team, the move down has resulted in a breach of the 20- and 50-day EMAs, signalling scope for a deeper retracement towards $2,511.1 next, the Sep 18 low.