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Slightly Higher Today After A Torrid Week

GOLD

Gold is slightly higher in the Asia-Pac session, after closing basically unchanged at $1889.31 in trade ahead of the weekend. Friday’s close capped off a torrid week for the yellow metal, as the USD appreciated fuelled by higher US yields and EM-related frailties.

  • It was a quiet end to the week for US tsys, with no economic data or Fed speakers. US tsys finished 1bp cheaper to 2bp richer across the major benchmarks on Friday.
  • There is no US economic data of note today either. Market participants await details on this week's KC Fed Economic Policy Symposium in Jackson Hole: ‘Structural Shifts in the Global Economy,’ from August 24 to August 26 (schedule/attendees list is likely announced on the evening of the 24th).
  • MNI’s technicals team reports that bullion sits around Friday’s close but has breached key support at $1893.1 (Jun 29 low). This signals scope for $1865.8 (76.4% retrace of Feb 28 – May 4 bull leg).

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