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Free AccessLower In Asia; Powell MonPol Comments Eyed
Gold sits ~$6/oz weaker to print $1,827/oz at typing, operating below Tuesday’s worst levels, and taking it to one-week lows in the process. The move lower comes amidst a fresh bid in the USD (DXY), seeing the latter rising above Tuesday’s best levels in Asia-Pac dealing.
- To recap, the precious metal closed ~$6/oz lower on Tuesday despite limited downticks in U.S. real yields and the USD (DXY). Debate re: the possibility of a Fed-led recession has continued to do the rounds, possibly lending support to bullion, with Richmond Fed Pres Barkin being the latest on Tuesday to voice support for a possible 75bp rate hike in July.
- July FOMC dated OIS continue to squarely price in 75bp of tightening for that meeting, with a cumulative ~193bp of tightening priced in for calendar ‘22 - a decline from earlier in the week (as high as >210bp).
- Looking ahead, focus will be turn to Fed Chair Powell’s comments re: monetary policy to the Senate Banking Committee (1430 BST), where he is expected to provide details on the Fed’s ongoing inflation fight and the corresponding recessionary risks.
- From a technical perspective, previously outlined support and resistance levels remain intact at $1,787.0/oz (May 16 low) and $1,889.1/oz (trendline resistance from Mar 8 high) respectively.
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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.