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Slightly Lower In Asia; Technical Outlook Remains Bearish

GOLD

Gold deals ~$3/oz weaker to print $1,734/oz, operating around session lows and extending a pullback from Monday’s best levels at writing.

  • To recap, gold ended virtually unchanged on Monday after a limited rebound from one-month lows (at $1,720.5/oz), tracking a pullback in the USD from fresh cycle highs, with the DXY ending little changed on the day as well.
  • The precious metal remains on track for a fifth consecutive lower monthly close amidst persistent weakness in some measures of investor interest, with ETF holdings of gold recording its 11th straight weekly decline last Friday.
  • From a technical perspective, gold remains in a short-term downtrend following the recent breach of support at $1,727.8/oz (Aug 22 low). Initial support is seen at $1,711.0/oz (76.4% retracement of the Jul21-Aug10 upleg), and a break of that level will expose further support at $1,700.0/oz (round number support). On the other hand, initial resistance is seen at ~$1,765.5/oz (Aug 25 high).
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