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Boosted By Weaker Retail Sales

GOLD

Gold is little changed in the Asia-Pac session, after closing 0.4% higher at $2329.46 on Tuesday.

  • Bullion was supported yesterday by lower US treasury yields following weaker than expected Retail Sales data. US treasuries finished with yields 5-7bps lower across benchmarks.
  • Tuesday’s rally in US treasuries came despite some Fed speakers pushing back on dovish expectations: Boston Fed Collins: "shouldn't overreact to a month or two of good inflation data" and St Louis Fed Musalem "could be 'quarters' before the first rate cut".
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, spot gold remains rangebound. That said, the yellow metal has traded through the 50-day EMA, at $2,315.3, signalling the scope for a deeper correction to $2,277.4, the May 3 low. Initial firm resistance remains at $2,387.8, the Jun 7 high.
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