FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Hovering Around $1,900/oz As May FOMC Draws Closer

GOLD

Gold sits ~$6/oz higher, printing ~$1,900/oz at typing. The precious metal is back from session highs at (~$1,905.9/oz), but operates clear of Thursday’s best levels.

  • The precious metal builds on a ~$8/oz higher close on Thursday, after rising off session lows at $1,872.2/oz on support from a downtick in U.S. real yields despite a fresh cycle high in the USD (DXY).
  • Gold is on track to close ~$40/oz lower for the month, possibly representing its worst month in over half a year, with headwinds evident above the $2,000/oz price level. The DXY has continued to make fresh successive cycle highs throughout April while U.S. real yields have pushed higher as well, with 10-Year real yields hovering a touch below neutral levels (after briefly breaking into positive territory for the first time in over two years on Apr 20).
  • Looking ahead, U.S. PCE data is expected to draw some focus, with MNI Chicago PMI and U. of Michigan Consumer Sentiment headlining data releases as well.
  • From a technical perspective, gold has formed initial support at Thursday’s low of $1,872.2/oz, while resistance remains some distance away at around ~$1,941.3/oz (20-Day EMA).
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

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.