BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

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

Pullback After Reaching A Fresh All-Time High

GOLD
Metals bulletHomepageBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities

Gold is 0.5% lower in the Asia-Pac session, after closing 0.4% higher at $2425.31 on Monday. Earlier in yesterday’s session bullion hit a fresh all-time high of $2,450. There was no headline flow of note, with markets generally shaking off weekend political risk.

  • China’s bullion imports slowed last month as demand in the world’s biggest consumer begins to buckle in the face of record prices. Overseas purchases of physical gold fell to 136 tons in April, a 30% decline from the previous month and the lowest total for the year, according to the latest customs data (BBG).
  • Having traded through resistance at $2431.5 (the Apr 12 high and bull trigger), the focus turns to 2452.5, a Fibonacci projection, according to MNI's technical team.
  • Meanwhile, silver outperformed again yesterday, with its price hitting the highest level since end-2012.
  • Sights are on $33.887 next for silver, a Fibonacci projection. Short-term pullbacks would be considered a correction. A key support zone lies between $27.229-36.948, the 20- and 50-day EMA values.
167 words

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.

Gold is 0.5% lower in the Asia-Pac session, after closing 0.4% higher at $2425.31 on Monday. Earlier in yesterday’s session bullion hit a fresh all-time high of $2,450. There was no headline flow of note, with markets generally shaking off weekend political risk.

  • China’s bullion imports slowed last month as demand in the world’s biggest consumer begins to buckle in the face of record prices. Overseas purchases of physical gold fell to 136 tons in April, a 30% decline from the previous month and the lowest total for the year, according to the latest customs data (BBG).
  • Having traded through resistance at $2431.5 (the Apr 12 high and bull trigger), the focus turns to 2452.5, a Fibonacci projection, according to MNI's technical team.
  • Meanwhile, silver outperformed again yesterday, with its price hitting the highest level since end-2012.
  • Sights are on $33.887 next for silver, a Fibonacci projection. Short-term pullbacks would be considered a correction. A key support zone lies between $27.229-36.948, the 20- and 50-day EMA values.