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Prices Down Slightly Today, Risk-off Supportive Going Forward

GOLD

Gold prices are down slightly on the NY close level at around $1783.40 after rising 0.9% on Wednesday, as the DXY is up 0.2%. Prices remain below their December 5 peak of almost $1810/oz but have been range trading since then. Bullion reached a high of $1788.10 during today’s session and a low of $1781.51.

  • The risk-off environment with recession fears growing is likely to be positive for gold prices going forward. Key resistance is at $1807.90, the August 10 high.
  • The fall in Australian October exports was driven by a 20.5% drop in non-monetary gold (overall exports to India were down 37.8% y/y).
  • There is little of note overnight with the Fed in blackout ahead of its December 14 meeting. The US jobless claims data are the only major release.
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