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Lower In Asia

GOLD

Gold is ~$10/oz lower, printing ~$1,935/oz at writing. The precious metal has backed away from Tuesday’s best levels ($1,950.1/oz) in Asia-Pac dealing, with the move lower facilitated by U.S. real yields edging away from three-month lows.

  • Gold continues to trade at elevated levels as worries rise re: the economic impact of the latest round of western sanctions on Russia, with a reduction in market expectations re: the pace of Fed tightening during ’22 evident in recent sessions (just under 25bp of tightening is now priced for the March FOMC, with a cumulative ~125bp of tightening priced for calendar ‘22 i.e. 5x 25bp rate hikes). Note that Fed Chair Powell is due to testify on the Hill later today (as well as on Thursday).
  • The technical outlook remains bullish, resistance for gold is seen at $1,974.3/oz (Feb 24 high). Support is situated some distance away, at $1,878.4 (Feb 24 low and key short-term support).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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