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Holding Pattern Ahead Of US CPI/PPI

GOLD

Gold is little changed in the Asia-Pac session, after closing 0.1% higher at $2030.20 on Tuesday.

  • Bullion’s performance was noteworthy considering the strengthening in the USD index throughout the session.
  • Like US Treasuries, Tuesday’s session for gold is best seen as a holding pattern ahead of US CPI/PPI data on Thursday/Friday.
  • US Treasuries finished the NY session with yields 1-2bps lower across benchmarks. The 10-year note finishing above 4% for the third straight close.
  • From a technical standpoint, the range was narrow, with the low failing to test support at $2012.0 (50-day EMA). Such a test would be seen as part of the trend bear leg extension, according to MNI’s technicals team.

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