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Free AccessSmall Gain After USD Declines
Gold is little changed in the Asia-Pac session, after closing +0.2% at $1922.30 on Monday. The gain in the precious metal was limited considering a sizeable -0.5% decline in the USD index.
- The USD's remarkable winning streak, after 8 straight weeks of gains, faced a significant challenge on Monday as the People's Bank of China intensified its efforts to protect the yuan. Meanwhile, the Bank of Japan dropped hints of a potential policy shift, causing the yen to surge in value. A strengthening dollar typically exerts a bearish pressure on gold, given that the precious metal is denominated in US currency.
- Bloomberg reports that as weakness in the yen looks set to continue into next year, prospects for gold priced in the Japanese currency have rarely looked so good. (See link)
- Gold investors are looking ahead to a US CPI report due midweek, which will help inform the outlook on the Federal Reserve’s interest-rate path.
- From a technical standpoint, bullion quickly reversed a clearance of resistance at $1930.5 (50-day EMA), according to MNI's technicals team. A more concerted push is required to open a key resistance at $1953.0 (Sep 4 high).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.