GOLD: Gold Lacks Momentum; Gives Back O/N Gains
Feb-10 03:57
- Despite strong overnight moves, gold gave back some of those in the Asian trading day suggesting that the one way positive bias for the precious metal may not have returned yet.
- Different momentum indicators are providing alternate backdrops for gold with the 14-day relative strength relatively neutral whilst the MACD (white line) remains below the Signal (red line) suggesting that downward trend still remains for gold. What this does suggest is that the volatility may still elevated for now, as the market continues to adjust following the volatility.
- Gold opened the Asia trading day at US$5,067 and has traded in a range of $4,987 - $5,076. Currently it is at US$5,025 a fall of -0.63%
- China's biggest metal miner Zijin Mining, raised its targeted gold output nearly a third by 2028, as prices of the precious metal remain elevated. Mined gold output will rise to between 130 to 140 tons over the next three years, the Fujian-based miner said in exchange filings on Monday. (per BBG)
- ETFs have seen a fifth consecutive day of declines in gold and silver holdings as the fall out from recent volatility continues.
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AUSSIE 3-YEAR TECHS: (H6) Recovery Mode
Jan-10 22:45
- RES 3: 97.796 - 1.618 proj of the Sep 3 - 12 - 15 price swing
- RES 2: 96.780 - High Jun 26 (cont)
- RES 1: 96.700 - High Sep 12
- PRICE: 95.890 @ 16:40 GMT Jan 9
- SUP 1: 95.740 - Low Dec 22
- SUP 2: 95.480 - Low 1st Nov ‘23
- SUP 3: 94.932 - 1.0% 10-dma envelope
Prices bounced again Thursday, supported by strength in global bond markets and a smoother inflation picture at the December CPI print. As such, prices edged further away from recent lows. Nonetheless, slower pricing for additional RBA easing - and partial pricing for a return to rate hikes in 2026 - should keep the front-end of the curve under pressure. This keeps prices well below prior resistance at 96.615, the Sep 12 high, and refocuses attention on 95.480 as the next major support.
MNI: MNI TEST 02, Please Ignore
Jan-09 23:36
Test Test TEST
MNI: MNI Test, Please Ignore
Jan-09 23:30
Test, ignore
