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Holding On To Powell-Inspired Gains


It has been a fairly limited round of Asia-Pac trade for bullion, with spot consolidating Friday's post-Powell gains to trade little changed after the Fed Chair walked back some of the hawkish commentary that various regional Fed Presidents put forth before his address. Fed Vice Chair Clarida also presented a relatively measured view on the taper discussion. A tapering announcement and the first actions re: such a move may be implemented by the end of the year, but Powell & Clarida didn't seem to be in any particular rush. Spot last deals little changed just shy of $1,820/oz, with the initial resistance/bull trigger located at the July 15 high ($1,834.1/oz).

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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