MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

MNI: BANK OF KOREA KEEPS POLICY RATE AT 3.50%: PRESS

Japan May Machine Orders -3.2% M/M

MNI JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Precious Metals Recovering on Greenback Weakness

GOLD
  • Spot gold trades back above the 200-dma at 1806.0 - a level that continues to act as a magnet for prices - with today marking a second session in the green as precious metals benefit from broad greenback weakness.
  • The near-term outlook for gold looks broadly neutral, with the 14-day RSI oscillating either side of 50 as the former bullish trend condition (evident across December-into-January) fades.
  • Gold printed a cycle high at $1853.9 on Jan25 - the session before the January Fed rate decision, which saw Chair Powell recognise the difference between this economic expansion and prior business cycles. Powell's press conference has led markets to price close to 5 full 25bps rate hikes across 2022, putting gold on the back foot and again highlighting precious metals' sensitivity to Fed monetary policy.
  • Despite this week's rally, gold remains vulnerable. The sell-off that followed the Fed resulted in a break of the base of its bull channel drawn off the Aug 9 low. The break lower highlights a bearish threat and a more significant reversal. This signals potential for weakness towards $1775.7, the Dec 16 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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.