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Bullion Down On Fed Hike Expectations

GOLD

Gold prices are down 0.2% today to around $1985.50/oz after rising only 0.1% on Friday. They have softened from a peak of $1990.40 earlier in the session on the back of expectations that the Fed will hike rates again on Wednesday. The USD index is up 0.1% so far today and 10-year Treasury yields are higher.

  • Bullion remains well above support at $1969.30, the April 19 low, but well below resistance at $2015.10, the April 17 high. Gold has struggled to hold gains above $2000 recently.
  • The FDIC was expected to announce the results of an auction for the troubled First Republic Bank on Sunday night. A Reuters source has said that a decision is close (see A Deal On First Republic Is Apparently Getting Closer).
  • Later today there are the US manufacturing ISM and PMI for April and construction data. Europe and the UK will also be shut today.
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