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Lower In Asia

GOLD

Gold trades $5/oz softer to print $1,787/oz at typing, operating through Wednesday’s worst levels amidst a limited uptick in the USD (DXY). The move lower also comes as e-minis and cash equities region wide have caught a bid in the wake of Wednesday’s U.S. CPI print, pointing to pressure from broader appetite for risk.

  • To recap Wednesday’s price action, the precious metal briefly recorded fresh five-week highs ($1,807.9/oz) after U.S. CPI printed below expectations across all major measures, before reversing course to close ~$2/oz softer amidst previously-flagged hawkish Fedspeak and a rebound in U.S. real yields.
  • Sep FOMC dated OIS now price in ~60bp of tightening for that meeting, pointing to greater odds of a 50bp hike in Sep (as compared to odds for a 75bp hike), returning the FOMC rate hike premium to ranges observed before last Friday’s above-expectations NFP print (~59bp).
  • From a technical perspective, previously outlined technical levels remain in play, with initial resistance located at $1,825.1/oz (Jun 30 high), and support seen at $1,762.8/oz (20-Day EMA).
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