Free Trial

Stabilizes But Still Tracking Lower For The Week On Hawkish CB Rhetoric

GOLD

Gold is tracking slightly above yesterday's lows, last close to $1779. This is in line with some pullback in USD sentiment, although gold's early run above $1784 quickly ran out of steam. Note the simple 200-day MA comes in at $1787, with the precious metal unable to hold gains above this resistance point through December. Near term support is evident around $1774 and beyond that around the $1766/67 region.

  • The hawkish central bank tone this week, from both the Fed and ECB has weighed on gold. At this stage we are tracking 1% lower for the week.
  • Gold ETF holdings have maintained a relatively flat trend this past week.

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.