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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.
GOLD
- After testing its LT upward trending support line at 1,678 at the end of March, gold has been retracing higher since the beginning of April amid small consolidation in the US 10Y yield following the February / March rally.
- XAUUSD is currently testing its 100D SMAresistance at 1,798.46; a break above that level would open the door for a move up to 1,829, which corresponds to the 38.2% Fibo retracement of the 1,677 - 2,075 range (Aug 2020 - March 21 high/low) and the high of the LT downward trending channel.
- On one hand, rising inflationary pressures in the US and other major developed economies could continue to push gold to new highs in the medium term.
- On the other hand, the 'risk-on' environment that could continue during the summer as economies reopen has generally been positive for risky assets and negative for gold.
Source: Bloomberg/MNI
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.
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