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Weaker Ahead Of This Week’s FOMC Meeting

GOLD

Gold is 0.4% lower in the Asia-Pac session, after closing 0.3% lower at $2155.90 on Friday.

  • Friday’s move left the yellow metal 1.0% lower on the week, the first weekly decline in four.
  • US bonds and equities had another heavy session on Friday ahead of this week’s FOMC meeting. The 2-year US Treasury yield finished 3bps higher at 4.73% while the 10-year yield ended up 2bps at 4.31%. These yields now stand over 20bps higher than their levels at the beginning of last week, driven by concerns surrounding persistent inflation. These inflationary pressures have raised questions about the extent of potential monetary easing that policymakers might signal at the forthcoming FOMC meeting.
  • According to MNI’s technicals team, the trend condition is still bullish despite the recent pullback from its all-time high of $2195.15. The break above resistance at $2135.4, the Dec 4 high, signals scope for $2206.6 next, a Fibonacci projection. Firm support is at $2108.4, the 20-day EMA.
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