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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
Spot Gold Rises To Fresh Record High, Crude Slides On Day
- Spot gold rose through the May highs today to reach a fresh all-time record above $2,466. Renewed focus on Fed rate cuts following the US inflation data last week remains the primary driver, with last Thursday’s break back above $2,400 kick starting the next leg higher.
- Currently, spot is trading just below the highs at $2,465/oz, up 1.8% on the day.
- Having now breached the bull trigger, technical conditions remain firmly in bullish territory, signalling scope for a move towards $2,481.5, the 2.764 Fibonacci projection of the Oct 6 - 27 - Nov 13 price swing.
- Meanwhile, silver is also up by 2.0% today to $31.3/oz.
- For silver, the recent break of $30.853, the Jun 21 high, is a bullish development. A continuation higher would signal scope for a test of the key resistance and bull trigger at $32.518, the May 20 high.
- In contrast, copper has fallen by another 1.7% to $445/lb today, amidst concerns about weaker demand in China, leaving prices down by 3% so far this week.
- A bearish corrective cycle that started May 20, remains in play for now. A resumption of the bear leg would open $426.12, a Fibonacci retracement.
- WTI has lost ground today, facing further weakness amid sustained demand fears out of China and USD strength.
- WTI Aug 24 is down 1.5% at $80.7/bbl.
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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.