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(Z1) Off Lows, But Remains Weak


Still Vulnerable


Bullish Price Sequence

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Gold has hugged a tight range during Tuesday's Asia-Pac session, with spot last dealing little changed, just shy of $1,765/oz. This comes after the defensive tone, coupled with some stabilisation in U.S. real yields and the broader USD's pullback from best levels of the day, allowed bullion to regain some poise on Monday. Note that this came after a brief and limited foray bellow the recent lows during a holiday-thinned Asia-Pac session on Monday. Yesterday's low ($1,742.5/oz) now provides initial technical support ahead of the 76.4% retracement of the Aug 9-Sep 3 rally ($1,724.5/oz). Meanwhile, firm resistance remains located at the Sep 14 high ($1,808.7/oz). Participants await Wednesday's FOMC decision, with a particular focus on the central bank's language surrounding tapering matters.