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Fed Speak Weighs

GOLD

Gold is slightly higher in the Asia-Pac session, after closing 0.6% lower at $2319.14 on Monday.

  • Bullion was hit by waning optimism with regards to multiple Federal Reserve easing this year following a series of hawkish statements from officials.
  • Fed Bank of Philadelphia President Harker stated on Monday that he considers one rate 25bps cut appropriate for this year, echoing similar remarks made by his counterparts from Minneapolis and Cleveland over the weekend.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • Gold is sitting approximately 5% below its May 20 record high.
  • The recent trading below the 50-day EMA at $2,314.7 has opened the possibility of reaching $2,277.4, the low from May 3, according to MNI’s technicals team. The initial firm resistance to monitor is $2,387.8, the high from June 7.
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