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Free AccessJust Off Post-GDP Highs; On Track For Higher Weekly Close
Gold sits ~$2/oz weaker, printing $1,754/oz at typing. The precious metal operates just shy of Thursday’s best levels ($1,757.1/oz), putting it on track to record a second straight week of gains (that comes after five consecutive weeks of losses prior).
- To recap, gold closed ~$20/oz higher on Thursday, a little below fresh three-week highs made after the U.S. Q2 advanced GDP print missed expectations (indicating a technical recession). The move higher was facilitated by a downtick in U.S. real yields, with the DXY nudging a little lower as well after failing to breach 107.00.
- Gold has rebounded from multi-month lows amidst the post-FOMC shift lower in expectations for a 75bp hike in the Fed’s Sep meeting (Sep FOMC dated OIS now price in ~56bp for tightening vs. ~62bp prior), with recent economic data misses providing support for that narrative as well. The yellow metal however remains firmly set for a fourth straight monthly decline, with progress in the Fed’s inflation fight remaining in focus, as Fed Chair Powell has emphasised “less clear” guidance and data-dependence for future FOMC decisions.
- From a technical perspective, gold has breached initial resistance at $1,745.4/oz (Jul 13 high), strengthening its near-term bullish set-up, and opening the possibility of a stronger bounce. The move higher has exposed further resistance at $1,787.0/oz (May 16 low, recent breakout level), with support seen at $1,711.7/oz (Jul 27 low).
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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.