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Slightly Stronger After A Solid Intraday Recovery On Tuesday

GOLD

Gold is 0.1% higher in the Asia-Pac session. This comes after it closed near unchanged at $1970.97 on Tuesday after a strong recovery off a low of $1953.71. The recovery moved bullion away from support at $1943 (Oct 19 low), according to MNI’s technical team.

  • A stronger dollar driven by the higher-than-expected US S&P global October manufacturing PMI at 50 vs 49.8 prior failed to negatively impact the yellow metal.
  • Lower longer-dated US Treasury yields possibly supported gold, although short-dated yields did move higher following the US PMI data release.
  • Gold remains below the five-month high reached last week on the back of the conflict in the Middle East. Tensions have eased this week as ongoing diplomatic measures and the freeing of some hostages have delayed the much-feared Israeli ground assault on Gaza.
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