Free Trial

Threatening Downside Break Of $1950, Amid Broad USD Gains

GOLD

Gold has spent the first part of the Monday session mostly on the back foot. The precious found some support under $1950, but hasn't been able to rebound far, last near $1951.50. This leaves us still around 0.9% lower from closing levels at the end of last week (above $1969). Gold weakness has predominantly been driven by the firmer dollar backdrop. The DXY is up 0.50%, last above 103.00.

  • The spill over from the oil price surge (following the weekend OPEC+ supply cut) is evident in terms of higher US yields, which has aided the USD and weighed on equity futures.
  • Still, there hasn't been any safe haven demand for gold at this stage.
  • On the downside, March 27 lows came in close to $1943, below that is 22nd lows near $1934.

To read the full story

Close

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.