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Buoyed By Weaker Than Expected US Economic Data

GOLD

Gold is little changed in the Asia-Pac session, after closing 1.4% higher at $2360.09 on Thursday.

  • Bullion received a boost from weaker-than-expected US data that potentially strengthened the case for the Federal Reserve to pivot to monetary easing later this year.
  • Housing Starts (1.277M vs. 1.37M est), MoM (-5.5% vs. 0.7% est), Building Permits (1.386M vs. 1.45M est), MoM (-3.8% vs. 0.7% est). Weekly Claims a little higher than expected at 238k vs. 235k est, continuing claims 1.828M vs. 1.810M est.
  • Nevertheless, gold is in consolidation mode, with initial firm resistance at $2387.8, the Jun 7 high, according to MNI’s technicals team. Support is at $2,277.4, the May 3 low.
  • Silver also rallied yesterday, achieving its highest level since June 7. For silver, key resistance is at $32.518, the May 20 high, while support to watch lies at the 50-day EMA, at $28.979.
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