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Bullion Trading Higher, This Week’s US Data Will Be Important

GOLD

Gold prices are up 0.3% during APAC trading today to around $2064.85/oz after falling 0.2% on Tuesday. They are close to their intraday high of $2065.60. Bullion is off its late December record high as markets reduce Fed rate cut expectations and data this week will be important for the outlook. The USD index is down slightly after rising sharply yesterday.

  • Gold continues to move well above support at $2034.60, the 20-day EMA.
  • Later the Fed’s Barkin speaks on the economic outlook and the December 13 meeting minutes are published. December US ISM data and November JOLTS job openings are also released. These events could all potentially be important for bullion as they may shape the Fed outlook but the focus of the week is likely to be Friday’s December payroll data.
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