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Rangebound Ahead Of Key Event Risks

GOLD

Gold has tracked recent ranges through today's session. Since early yesterday we haven't spent too much time outside of the $1870/$1880 range. We currently track close to the bottom end of this range, last near $1872, against earlier highs of $1876. This leaves us close to unchanged for the session to date, slightly outperforming a more supportive USD tone against the majors.

  • We have a number of major central bank speakers due later today as part of a Riksbank conference, headlined by US Fed Chair Powell. This, along with US CPI on Thursday, are the major near term event risks for gold.
  • The technical picture remains firm, with the 20-day EMA continuing to push higher (last at $1823.5), while the 61.8% retracement of the 2022 downtrend comes in at $1896.45, in terms of upside targets.
  • Gold ETF holdings remain fairly steady though.

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