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Slipping Below $1,700/oz As Yields Rally; Further Central Bank Action In Focus

GOLD

Gold deals ~$5/oz weaker to print ~$1,697/oz at writing, pressured by a rally in the USD, with the DXY operating just shy of fresh cycle highs at writing.

  • The precious metal operates a little above six-week lows observed last Thursday (at $1,688.9/oz), cutting short its recent, limited bounce amidst Dollar strength and rising bond yields globally (with U.S. 10-Year real yields operating just shy of multi-year lows), coming as several central banks worldwide will raise rates by the end of the week.
  • Looking ahead, the BoC’s policy decision and a spread of Fedspeak from the Fed’s Barkin (‘24 voter), Mester (voter), and Brainard (voter) are due later today, while further out, the ECB’s policy decision will come on Thursday.
  • From a technical perspective, the downtrend in gold remains intact, with initial support seen at $1,681.0 (Jul 21 low and bear trigger). On the other hand, key resistance remains some distance away, at $1,765.5 (Aug 25 high).
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