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Lower In Asia; Eyeing Fedspeak, CPI Later This Week

GOLD

Gold sits ~$7/oz worse off to print $1,877/oz, operating around session lows and the middle of its pre-weekend range at typing.

  • The move lower comes as nominal U.S. Tsy yields across the curve have broadly continued to hold a little below recent cycle highs despite a light bid in U.S. Tsys, while renewed Dollar strength has seen the USD (DXY) approach cycle highs made last Friday.
  • Looking at Friday’s price action, gold finished a little higher on the day, but was unable to avoid a third consecutive lower weekly close. The yellow metal has struggled in recent sessions as U.S. real yields and the DXY have staged consecutive weekly higher closes of their own, with the latter hitting two-decade highs on Friday before recording a fifth straight week of gains.
  • Focusing on the week ahead, a packed Fedspeak itinerary is scheduled for Tuesday from the likes of Williams (voter), Barkin (‘24), Waller (voter), Kashkari (‘23), and Mester (‘24), right before U.S. Apr CPI and PPI crosses on Wed and Thu respectively.
  • From a technical perspective, bullion remains vulnerable given a sustained pullback from recent highs at $1,998.4/oz (Apr 18 high) and a break below $1,890.2/oz (Mar 29 low). Support is seen at $1,848.8/oz (76.4% of the Jan28-Mar8 rally), while resistance is situated at ~$1,910.4/oz (20-Day EMA).
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Gold sits ~$7/oz worse off to print $1,877/oz, operating around session lows and the middle of its pre-weekend range at typing.

  • The move lower comes as nominal U.S. Tsy yields across the curve have broadly continued to hold a little below recent cycle highs despite a light bid in U.S. Tsys, while renewed Dollar strength has seen the USD (DXY) approach cycle highs made last Friday.
  • Looking at Friday’s price action, gold finished a little higher on the day, but was unable to avoid a third consecutive lower weekly close. The yellow metal has struggled in recent sessions as U.S. real yields and the DXY have staged consecutive weekly higher closes of their own, with the latter hitting two-decade highs on Friday before recording a fifth straight week of gains.
  • Focusing on the week ahead, a packed Fedspeak itinerary is scheduled for Tuesday from the likes of Williams (voter), Barkin (‘24), Waller (voter), Kashkari (‘23), and Mester (‘24), right before U.S. Apr CPI and PPI crosses on Wed and Thu respectively.
  • From a technical perspective, bullion remains vulnerable given a sustained pullback from recent highs at $1,998.4/oz (Apr 18 high) and a break below $1,890.2/oz (Mar 29 low). Support is seen at $1,848.8/oz (76.4% of the Jan28-Mar8 rally), while resistance is situated at ~$1,910.4/oz (20-Day EMA).