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Third Straight Session Of Gains

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Gold is unchanged in the Asia-Pac session, after closing 0.7% higher at $2194.79 on Wednesday.

  • Wednesday’s move was the third straight session of gains.
  • Today’s softness appears tied to aftermarket comments from the Federal Reserve Governor Waller. Fed Waller said the Fed should wait a "couple months" to get a better understanding of the trajectory of inflation, but he still expects the central bank to begin reducing the target range for the federal funds rate this year. (See MNI link)
  • Cash US tsys are 1-5bps cheaper in today's Asia-Pac session.
  • Bullion sits just below of its all-time high of $2200.89 ahead of Friday’s release of US PCE deflators, the Federal Reserve’s preferred inflation gauge. That said, the scope for any major surprises should be limited in Good Friday trading, with the CPI and PPI figures feeding into that release.
  • According to MNI’s technicals team, sights remain on $2230.1 next, a Fibonacci projection. Key short-term trend support has been defined at $2146.2, the Mar 18 low.
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Gold is unchanged in the Asia-Pac session, after closing 0.7% higher at $2194.79 on Wednesday.

  • Wednesday’s move was the third straight session of gains.
  • Today’s softness appears tied to aftermarket comments from the Federal Reserve Governor Waller. Fed Waller said the Fed should wait a "couple months" to get a better understanding of the trajectory of inflation, but he still expects the central bank to begin reducing the target range for the federal funds rate this year. (See MNI link)
  • Cash US tsys are 1-5bps cheaper in today's Asia-Pac session.
  • Bullion sits just below of its all-time high of $2200.89 ahead of Friday’s release of US PCE deflators, the Federal Reserve’s preferred inflation gauge. That said, the scope for any major surprises should be limited in Good Friday trading, with the CPI and PPI figures feeding into that release.
  • According to MNI’s technicals team, sights remain on $2230.1 next, a Fibonacci projection. Key short-term trend support has been defined at $2146.2, the Mar 18 low.