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Gold is ~$6/oz softer at ~$1,927/oz, operating a little above session lows at writing. Major crude benchmarks have tumbled in Asia, applying pressure to the precious metal as stagflation-linked worry in some quarters re: elevated energy prices has eased.
- To elaborate, WTI and Brent futures have traded sharply lower after BBG source reports pointed to the Biden administration considering a plan to release “as much as 180 million barrels” of crude from the U.S. SPR over “several months”.
- Ultimately, gold continues to trade clear above one-month lows made earlier in the week after closing ~$15/oz firmer on Wednesday, with that move higher facilitated by a downtick in the USD and U.S. real yields. Elsewhere, optimism surrounding progress towards a diplomatic resolution in the Russia-Ukraine conflict has moderated as both sides continue to play down progress in ongoing ceasefire negotiations. The next round of talks is due for Friday, and will be held online (as opposed to face-to-face on Tuesday).
- From a technical perspective, bullion continues to trade within previously defined levels, with support located at $1,890.2/oz (Mar 29 low), while resistance is seen at $1,966.1 (Mar 24 high).
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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.