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Steady After Yesterday’s Sharp Dump

GOLD

Gold is slightly weaker in today’s Asia-Pac session, after closing 1.3% lower at $2410.79 to start the week, despite the seemingly favourable risk-off environment.

  • "Bullion was pulled into Monday’s global rout, as some traders cut holdings to cover potential margin calls." (per BBG)
  • Gold remains around 17% higher this year after hitting an all-time high in July, mainly supported by bets the US Federal Reserve will pivot to monetary easing. Lower borrowing costs are positive for bullion as it doesn’t pay interest.
  • Today’s price action saw the yellow metal pierce the first support at $2,405.4/oz, the 20-day EMA, exposing $2,353.2 next, the July 25 low, according to MNI’s technicals team.
  • The overall trend structure remains bullish though, with a clear breach of the 50-day EMA at $2,374.4/oz needed to signal scope for a deeper retracement.
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