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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.
GOLD
- The renewed greenback weakness since the Fed decision continues to underpin the rally for spot gold, with prices briefly breaching back above the $2,000 mark in recent trade.
- Worries over the health of the banking sector continues to spur safe-haven demand for the yellow metal, potentially exacerbated by Treasury Secretary Janet Yellen’s remarks on there possibly not being an automatic rescue for all depositors, should additional banks fail.
- Today’s close for XAU/USD (+1.56%) will likely represent the highest close since March 2022, with trend conditions remaining in bullish territory. The breach on Mar 17 of former resistance at $1959.7, Feb 2 high, confirmed a resumption of the bull trend that started late September 2022.
- The test above $2000.0 opens $2034.0 next, a Fibonacci projection and above here, the focus will be on key resistance which resides at $2070.4, the March 8th 2022 high.
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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