Free Trial

PRECIOUS METALS: Gold Over 2% Lower Despite Risk-off Environment

PRECIOUS METALS

Gold trades over 2% lower today despite the seemingly favourable lower rates/risk-off environment, currently at $2391/oz.

  • Today’s price action has seen the yellow metal trade through the first support at $2405.4/oz (20-day EMA), exposing $2353.2/oz next (Jul 25 low). 
  • The overall trend structure remains bullish though, with a clear breach of the 50-day EMA at $2373.1/oz needed to signal scope for a deeper retracement.
  • Silver similarly trades poorly, last -6.2% at $26.8/oz, with key support at $26.018/oz (May 2 low).
  • The gold/silver ratio thus approaches 90, a level not seen since Q1 this year.

To read the full story

Close

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.