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Prices Lower On Higher US Yields But Trend Bullish

GOLD

Bullion fell during Tuesday’s NY session on the better-than-expected PMIs but then bounced back after the weak Richmond Fed Index. It ended the day up 0.3% but during the APAC session it has taken a step down to $1931.45/oz (-0.3%) on the back of higher Treasury yields. Today it reached a high of $1937.35 and a low of $1929.03. The USD is trading sideways.

  • Gold reached a new cycle high of $1942.54 on Tuesday and moving average studies are bullish. Firm resistance is now at $1963.70 (76.4% retracement of Mar-Sep 2022 bear leg).
  • Bullion is currently up 5.9% so far this month on growing US recession fears and expected slowing of Fed tightening.
  • Later the Bank of Canada is expected to announce a 25bp rate hike. With the Fed media blackout currently in place and no data on the calendar, it is a quiet schedule in the US.
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