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Free AccessRange Bound Ahead Of FOMC; Little Moved On Growth Worry
Gold sits virtually unchanged to print ~$1,717/oz at typing after sticking to a ~$4/oz range, with the precious metal seeming content to operate around the $1,720/oz handle in recent sessions.
- To recap, gold closed ~$2/oz lower on Tuesday amidst an uptick in the USD (DXY) and U.S. real yields, with its daily trading range narrowing for a third consecutive day, as proximity to the upcoming FOMC decision (with a 75bp hike fully priced in) again likely contributed to its muted moves.
- Gold was little-changed in the wake of the IMF’s downward revision to global GDP growth for ‘22 (from 3.6% to 3.2%), with the organisation also stating that it would be "increasingly challenging" for the U.S. to avoid a recession.
- OIS markets currently point to ~78bp of tightening for the Jul FOMC, with a cumulative ~139bp priced in through to the Fed’s Sept meeting, pointing to ~56% odds of a 75bp hike then. Focus later will be on the Statement and comments from Fed Chair Powell, particularly over cues to the size of the next hike.
- From a technical perspective, short-term gains in gold still appear to be corrective, following its bounce off $1,681.0/oz last Thursday. Previously outlined levels remain intact, with initial support situated at $1,697.7/oz (Jul 14 low), and resistance seen at $1,745.4/oz (Jul 13 high).
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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.