Risk Assets continued their struggle today but did post late session recovery, as Gold prices felt the full weight of rising US Yields. Will the recovery late in the US session gain any traction?
The Precious Metal does seem to be partly supported but is likely to remain subdued as the US Dollar is expected to remain supported in Q4. Can Gold continue its slide toward the YTD low around the $1800 mark?
The ‘Hawkish” Fed pause put an end to an excellent rally for Gold this week. The precious metal dropping around $30 since the FOMC meeting with further downside growing more likely in a higher rate environment.
Oil prices resumed their upside rally this morning following a brief pause yesterday on surging US inventories. How much further will Oil prices advance before a retracement, as the 14-day RSI hovers in overbought territory?
Gold prices have bounced from the daily low around $1905/oz mark, helped by a slightly weaker USD. A surprise given the sticky US inflation print but further downside remains a possibility.