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Pullback Continues

GOLD

Gold is 0.2% lower in today’s Asia-Pac session, after closing 0.8% lower at $2390.82 on Tuesday.

  • This leaves the yellow metal ~3.5% down from last Friday’s high.
  • Commerzbank says that along with overblown expectations of Fed rate cuts, selling to compensate for losses in other assets may have also been behind gold’s recent weakness.
  • Nevertheless, bullion remains ~15% higher this year after hitting an all-time high in July, mainly supported by bets the US Federal Reserve will pivot to monetary easing. Lower borrowing costs are positive for bullion as it doesn’t pay interest.
  • According to MNI’s technicals team, this recent weakness appears to be a correction, for now. However, a clear break of support at the 50-day EMA at $2,375.4 would signal scope for a deeper retracement towards $2277.4, the May 3 low.
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