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Steadying Around Two-Year Lows; Key Support Level Breached

GOLD

Gold deals ~$2/oz softer to print ~$1,663/oz at typing, having operated firmly around the bottom end of Thursday’s range throughout Asia-Pac dealing.

  • To recap, gold hit 29-month lows on Thursday (at $1,660.5/oz), with the precious metal extending its recent move lower after the above-expectations CPI print on Tuesday, pressured by a rally in U.S. real yields, as the DXY continues to hover close to the 110.00 mark.
  • The FOMC next week continues to be the key risk event for gold, with nearly even odds of a 75bp vs. 100bp rate hike at that meeting currently priced into OIS markets.
  • Total known ETF holdings of gold are on track for its 14th straight weekly decline, pointing to persistent weakness in investor interest for bullion.
  • From a technical perspective, gold has staged a clear break below the bear trigger at $1,681.0 (Jul 21 low), resuming an earlier downtrend that began in March. Initial support is now seen at $1,657.1 (0.764 prof of the Jun13-Jul21-Aug10 swing).
Energy BulletsCommodities
Energy BulletsCommodities

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