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Steadying Around $1,700/oz; Post-CPI Dollar Strength In Focus

GOLD

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.
Energy BulletsCommodities
Energy BulletsCommodities

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