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Little Changed In Asia; $1,800/oz Remains In Focus


Gold prints $1,811/oz at typing, sitting a little below best levels of the session. The precious metal operates within the upper end of Monday’s trading range at typing, with an uptick in nominal U.S. Tsy yields possibly putting a cap on the space.

  • Gold was little changed on headlines pointing to a call between Chinese Vice Premier Liu He and U.S. Treasury Sec. Yellen earlier in the session, with reports highlighting that the pair had discussed U.S. tariffs on Chinese consumer goods (among a wide range of other matters). A note that the call comes after a previously-flagged WSJ source report on Monday said that a lifting of tariffs could come as soon as this week, pointing to the potential for an easing in U.S. inflation.
  • Nominal U.S. Tsy yields have pushed higher on the news, and broadly sit around the upper end of their pre-Independence Day ranges at typing.
  • From a technical perspective, gold sits between support at $1,784.6/oz (Jul 1 low), and resistance at ~$1,830.5/oz (20-Day EMA).

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