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Unexpectedly Weak On Monday Ahead Of US CPI Data

GOLD

Gold is slightly stronger in the Asia-Pac session, after closing 1.1% lower at $1981.95 on Monday. Bullion’s weakness came despite limited USD strength and only a small lift in US Treasury yields. Yields initially moved higher on the back of poor US Treasury auctions yesterday but the sell-off was quickly reversed.

  • Monday’s downturn precedes the release of today’s US CPI data and the forthcoming FOMC decision on Wednesday. Investors eagerly await the CPI figures, hoping for insights into whether the recent disinflation trend persists, seeking clues about the Federal Reserve's prospective interest rate trajectory for 2024.
  • An earlier low of $1976.05 briefly cleared support at $1978.2 (50-day EMA) to open a key support at $1931.7 (Nov 13 low), according to MNI’s technicals team.
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