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Lower Again As Risk-On Sentiment And Higher US Tsy Yields Weigh

GOLD

Gold is 0.4% higher in the Asia-Pac session, after closing -0.4% at $1954.73 on Monday. Bullion’s haven status weighed as risk-on sentiment drove equities and US bond yields higher ahead of Wednesday’s FOMC policy meeting. USD strength also pressured the precious metal.

  • A 25 bp hike is fully priced for Wednesday's FOMC meeting, but there is considerable uncertainty over the outlook. The risk that the Fed's stance is more hawkish than feared weighed on US tsys.
  • The latest US PMIs showed continued services price pressure along with softer expected business activity.
  • From a technical standpoint, gold pushed closer to support at $1949.6 (50-day EMA). Resistance remains at the early Thursday high of $1987.5.
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