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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.
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Free AccessMNI EUROPEAN MARKETS ANALYSIS: ECB Expected To Cut Rates Later
MNI EUROPEAN OPEN: A$ & Local Yields Surge Following Jobs Data
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).
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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.