Free Trial

Retreats From A Five Month High As Middle East Tensions Ease


Gold is 0.5% lower in the Asia-Pac session, retreating from the five-month high of $1997.22 set on Friday. This move can be attributed to easing fears over the weekend that Middle East tensions would spread to major powers after the release of two US citizens held hostage in Gaza and the US pushing Israel to delay its invasion.

  • The precious metal has also been pressured by US Treasuries in today's Asia-Pac session. Cash tsys are 5-7bps cheaper across the major benchmarks after Friday's bull-steepening.
  • Bullion closed +0.4% at $1981.40 on Friday, holding its clearance of resistance of $1982.4 (Jul 20 high), according to MNI’s technicals team.
  • Next resistance is seen at $2003.4 (76.4% retrace of May 4 – Oct 6 bear leg).

To read the full story



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.