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Yet Another All-Time High

GOLD
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Gold is 0.5% higher in the Asia-Pac session, after finishing 1.6% higher at $2372.52, a new closing high, on Thursday.

  • Bullion showed resilience throughout the greenback rally on Wednesday while Thursday’s softer details in the US PPI report boosted the yellow metal.
  • US tsys finished Thursday’s NY session with a slight twist-steepening of the curve after a volatile start following the ECB's steady rate announcement and the largely in-line US PPI data. PPI inflation missed at 0.15% m/m (0.3% est) in March, but core measures were in line.
  • Initial Jobless Claims fell 11k last week to 211k, just below expectations, but with seasonal factors around the timing of Easter still likely playing a role.
  • The US 2-year finished 1bp richer, with the 10-year yield 4bps cheaper at 4.59%.
  • Fed Collins and Fed Williams said it may take more time to gain the confidence to begin easing policy. Williams: “There’s no clear need to adjust monetary policy in the very near term”.
  • According to MNI’s technicals team, the latest climb maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. The $2300.0 handle has been cleared. The next objective is $2376.5, a Fibonacci projection.
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Gold is 0.5% higher in the Asia-Pac session, after finishing 1.6% higher at $2372.52, a new closing high, on Thursday.

  • Bullion showed resilience throughout the greenback rally on Wednesday while Thursday’s softer details in the US PPI report boosted the yellow metal.
  • US tsys finished Thursday’s NY session with a slight twist-steepening of the curve after a volatile start following the ECB's steady rate announcement and the largely in-line US PPI data. PPI inflation missed at 0.15% m/m (0.3% est) in March, but core measures were in line.
  • Initial Jobless Claims fell 11k last week to 211k, just below expectations, but with seasonal factors around the timing of Easter still likely playing a role.
  • The US 2-year finished 1bp richer, with the 10-year yield 4bps cheaper at 4.59%.
  • Fed Collins and Fed Williams said it may take more time to gain the confidence to begin easing policy. Williams: “There’s no clear need to adjust monetary policy in the very near term”.
  • According to MNI’s technicals team, the latest climb maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. The $2300.0 handle has been cleared. The next objective is $2376.5, a Fibonacci projection.