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Steady After Largest Drop In A Month On Tuesday

GOLD

Gold is unchanged in the Asia-Pac session, after closing 0.9% lower on Tuesday. A strong USD appreciation on higher US Treasury yields weighed heavily.

  • Stronger-than-expected factory orders, heavy corporate issuance and higher oil prices were the key drivers for US Treasuries.
  • Tuesday’s move in gold aligns with the observation that the USD Index looks to have resumed the primary uptrend off the mid-July low, potentially exerting downward pressure on precious metals.
  • Bullion touched a low of $1925.41 but appears to have found some support at the 20-day EMA of $1926.1. A break of this level could see a more concerted push lower to potentially $1903.9 (Aug 25 low), according to MNI's technicals team.
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