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Bullion Awaiting Fed Powell’s Comments

GOLD

Gold prices range traded on Monday after falling sharply in the wake of the strong US payrolls data. They are up 0.3% during today’s APAC session to around $1872.30/oz, close to the intraday high of $1875.67. This has been helped by a slightly weaker USD (DXY -0.1%).

  • Bullion has traded today above support at $1861.40, the post-payroll/ISM low. Resistance remains at $1903.40, the 20-day EMA.
  • Later Fed Chairman Powell speaks, which could influence gold prices as the market looks for direction on the rate outlook. A more hawkish tone would be negative for zero-yielding gold. On the data front there is US December trade data and January NFIB business optimism.
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