Little Changed In Asia; Fedspeak Back In Focus

Gold sits ~$2/oz firmer to print $1,767/oz, operating within a tight ~$6/oz trading range across Asia-Pac dealing. The precious metal operates a short distance below Wednesday’s best levels at typing, extending a move off of yesterday’s troughs amidst a downtick in the USD (DXY).

• To recap Wednesday’s price action, gold closed ~$5/oz firmer, paring gains of as much as $12/oz after the marginally higher final U.S. services PMI reading and a stronger-than-expected ISM services print.
• The precious metal remains firmly below four-week highs made on Tuesday (at $1,788.1/oz), with worry surrounding Pelosi’s visit to Taiwan moderating from extremes (note that Chinese drills around Taiwan involving "long-range live ammunition shooting" will only conclude on 8 Aug), while previously-flagged Fedspeak over the past week has contained mostly hawkish undertones.
• From a technical perspective, focus is on initial resistance at ~$1,783.8/oz (50-Day EMA) following gold’s recent bounce higher, a break of which would expose further resistance at $1,807.1/oz (trendline resistance). On the other hand, support is seen at ~$1,748.9/oz (20-Day EMA).