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Higher In Asia; Russia-Ukraine Talks Hit “Dead-End”


Gold deals ~$5/oz firmer to print $1,972/oz at typing, operating below four-week highs made on Tuesday ($1,978.6/oz) as U.S. real yields have broadly extended a move off their post-U.S. CPI troughs in Asia-Pac dealing.

  • To recap, the precious metal closed ~$13/oz higher on Tuesday to record a fifth straight day of gains, with the move higher facilitated by a broad downtick in U.S. real yields. The largest moves came after U.S. CPI printed largely within expectations, easing worry from some quarters re: pressure on the Fed to further tighten policy later in ‘22.
  • Elsewhere, Russian President Putin declared on Tuesday that peace talks with Ukraine have hit a “dead-end” while stating that the “special operation” would continue, likely ending already-faint hopes surrounding a diplomatic resolution to the conflict for now.
  • Looking ahead, U.S. PPI data headlines the data docket later today (1230 GMT).
  • From a technical perspective, initial resistance is located near recent highs at $1,980.3/oz (50.0% retracement of Mar8-29 downleg), and a break of that level would expose further resistance at $2,009.2/oz (Mar 10 high). On the other hand, support is seen around ~$1,913.0/oz (50-Day EMA).

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