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Rangebound, As Higher Core Yields Help Offset Weaker USD Post BoJ

GOLD

Gold spiked post the BoJ announcement but couldn't get much beyond the $1795 level. We last sit close to $1790, only up slightly for the session and lagging broader USD index moves (BBDXY -0.30%).

  • In terms of near term levels, Monday session highs were close to $1799, while on the downside dips sub $1785 have been supported. Overall though we remain range bound.
  • A firmer yen, to the extent that it spills over to broader USD weakness, should be positive gold. However, the evidence is mixed on this so far, with the USD mostly recovering (ex JPY) post the BoJ.
  • The spill over of higher Japan yields to the rest of the world may also work against gold demand. We saw last week gold suffered amidst a more hawkish ECB outlook.
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