Free Trial

Softer USD Lends Support

GOLD

Gold trades higher early this week, with the softer DXY aiding the bid after Friday's pre-NY sell off halted just above Thursday's low, leaving the previously outlined technical picture intact. Spot last deals the best part of $10/oz firmer on the day, just shy of $1,760/oz. Last week's low ($1,738.0/oz) protects the 76.4% retracement of the Aug 9-Sep 3 rally ($1,724.5/oz). While initial resistance is located at the Sep 22 high ($1,787.4/oz). A slew of Fedspeak, as well as the latest U.S. PCE and m'fing ISM surveys will garner most of the attention on the part of participants this week.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

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.