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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday
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Prices Range Trading Post-Payrolls
Gold prices are 0.2% higher rising to $1877.15/oz after rising 0.3% on Tuesday. Bullion has been trading in a narrow range after falling sharply following the very strong payrolls report on Friday. It didn’t react strongly to Fed Powell’s comments as he talked about disinflation but also that rates needed to rise further. The USD is down slightly today.
- Gold is in a corrective cycle and trend conditions remain bearish. Support is at $1861.40, the February 3 low, and resistance remains at $1899.90, the 20-day EMA. Prices are holding above the 50-day simple MA.
- Later today the highlight of the calendar is a number of Fed speakers, as the only data is wholesale inventories. Any dovish comments would be supportive of bullion.
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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.