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Six-Week Lows In Asia; ~$1,700/oz Support Eyed

GOLD

Gold deals ~$6/oz softer to print ~$1,705/oz at writing, operating a little above fresh six-week lows (at $1,702.4/oz) amidst an uptick in the USD (DXY).

  • To recap, the precious metal closed $13/oz lower on Wednesday, falling for a second straight session on a rise in U.S. real yields and Fed tightening-related worry, with Cleveland Fed Pres Mester reiterating that it would be “necessary” to raise rates to “somewhat above 4% by early next year and hold it there”,
  • Sep FOMC dated OIS now price in ~76bp of tightening at that meeting (up from ~68bp on Wednesday), fully pricing in a 75bp hike, coming as ECB pricing has ticked higher ahead of the central bank’s decision on Sep 8 as well.
  • From a technical perspective, gold operates just above initial support at $1,700.0/oz (round number support), with further support seen at $1,681.0/oz (Jul 21 low and bear trigger). On the other hand, initial resistance is located at ~$1,765.5/oz (Aug 25 high).
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