Gold prices were 1% lower last week after trading in a range of $1969.31 to $2015.09. They fell 1.1% on Friday after optimistic US data. Today they are down slightly to $1980.55/oz and close to the intraday low of $1978.59, as the USD index is up 0.1%. Support is at $1969.30, the April 19 low.

• Bullion has been unable to reverse Friday’s losses during the APAC session, as expectations of further Fed hikes persist. This week there will be important data for the May 3 Fed decision, including Q1 GDP and March core PCE prices.
• The German Ifo survey for April is released later today and also the US Chicago and Dallas Fed Indices. The upbeat April US PMIs on Friday weighed on bullion and so good reads from the Fed indices could also be negative.