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Bullion In Narrow Ranges Ahead Of US Employment Report

GOLD

Gold has been trading sideways for most of yesterday and today as expectations for an outsized Fed March hike grow. The key to the meeting outcome is likely to be Friday’s US employment report. After reaching a high of $1824.31/oz on Wednesday, it closed at $1813.80. Currently it is trading in a tight range and around $1813.15, close to the intraday low of $1812.01 which followed a high of $1816.54. The USD index is also flat during the APAC session.

  • Since bullion is unchanged so far today it remains close to the bear trigger at $1804.90, the February 28 low. It continues to approach the 100-day simple moving average.
  • Later today the Fed’s Barr speaks on crypto. The data calendar is light with US jobless claims and February Challenger job cuts. The main focus over the rest of the week is February US payrolls on Friday, which are expected to rise a solid 225k with the unemployment rate steady at 3.4%.
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