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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.
The US Federal Reserve are largely expected to pause the rate hike cycle on Wednesday with updated economic projections. The lingering fear of a resurgence in inflation will likely keep the door open for another rate hike in Q4.
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.