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Free AccessSteadying Around $1,700/oz; Post-CPI Dollar Strength In Focus
Gold sits little changed to print $1,702/oz at writing, struggling to make meaningful headway above neutral levels in Asia-Pac dealing amidst an uptick in nominal U.S. Tsy yields, while the USD (DXY) sits just shy of its best levels made on Tuesday.
- To recap, gold closed ~$22 softer on Tuesday, inversely tracking a rise in U.S. real yields and a bid in the Dollar, as the DXY surged to just below the 110.0 mark following the above-expectations U.S. CPI print.
- Tuesday’s decline also more than unwound gold’s pre-CPI rally, sending the precious metal back into negative territory for September (and on track for a sixth consecutive lower monthly close).
- Looking to technical levels, initial support is seen at $1,681.0 (21 Jul low and bear trigger), while initial resistance is located at ~$1,735.1 (Sep 12 high).
- Looking ahead, attention will turn to next week’s FOMC, with Sep FOMC dated OIS briefly pricing in >80bp of tightening post-CPI, reflecting a rise in expectations for a 100bp rate hike at that meeting.
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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.