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Lower As U.S. 10-Year Real Yields Reach Positive Territory

GOLD

Gold is ~$4/oz worse off to print $1,946/oz at writing, a little above fresh one-week lows made earlier in the session.

  • The precious metal operates around the bottom of Tuesday’s range, coming under pressure as U.S. real yields have moved higher in Asia-Pac dealing, with U.S. 10-Year real yields briefly turning positive for the first time since early ‘20. Looking to cash Tsys, nominal 10-Year Tsy yields hit session highs at ~2.98%, reaching levels last witnessed in end-2018.
  • To recap Tuesday’s price action, gold closed ~$29/oz softer for its sharpest daily loss in three weeks. The move lower was facilitated by a broad surge in U.S. real yields and the USD (DXY), with the latter recording fresh cycle highs after briefly showing above 101.00 for the first time since Mar ‘20.
  • Up next, Fedspeak from Daly (‘24 voter), Evans (‘23 voter), and Bostic (‘24) is due during the NY session, although the latter is noted to be speaking on the topic of equity in urban development.
  • Slightly further out, Fed Chair Powell is due to speak on Thursday, in his final scheduled public appearance before the pre-meeting blackout period for the May FOMC.
  • From a technical perspective, gold has broken initial support at the 20-Day EMA at ~$1,951.6/oz, exposing further support at ~$1,924.2/oz (50-Day EMA).
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Gold is ~$4/oz worse off to print $1,946/oz at writing, a little above fresh one-week lows made earlier in the session.

  • The precious metal operates around the bottom of Tuesday’s range, coming under pressure as U.S. real yields have moved higher in Asia-Pac dealing, with U.S. 10-Year real yields briefly turning positive for the first time since early ‘20. Looking to cash Tsys, nominal 10-Year Tsy yields hit session highs at ~2.98%, reaching levels last witnessed in end-2018.
  • To recap Tuesday’s price action, gold closed ~$29/oz softer for its sharpest daily loss in three weeks. The move lower was facilitated by a broad surge in U.S. real yields and the USD (DXY), with the latter recording fresh cycle highs after briefly showing above 101.00 for the first time since Mar ‘20.
  • Up next, Fedspeak from Daly (‘24 voter), Evans (‘23 voter), and Bostic (‘24) is due during the NY session, although the latter is noted to be speaking on the topic of equity in urban development.
  • Slightly further out, Fed Chair Powell is due to speak on Thursday, in his final scheduled public appearance before the pre-meeting blackout period for the May FOMC.
  • From a technical perspective, gold has broken initial support at the 20-Day EMA at ~$1,951.6/oz, exposing further support at ~$1,924.2/oz (50-Day EMA).