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GOLD: Friday’s Fortunes Ebbed and Flowed on US Data. 

GOLD
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  • Friday’s moves was all about US data and key releases gave mixed messages about the US economy and the potential for rate rises.
  • Non-farm payrolls were softer than expected at 143k (vs consensus 175k), but the University of Michigan’s inflation expectations survey (1 year forward) rose more than expected to +4.3% from +3.3% in January.
  • Whilst the payrolls number may increase the potential for a rate cut, the inflation outlook dampens that outlook.
  • Gold behaved accordingly having rallied hard just after payrolls, to giving that rally back to end virtually where it started the day.
  • Opening at US$2,856.28, gold peaked at $2,886.78 only to surrender those gains to finish Friday’s trading session at $$2,861.07 and is set to open marginally higher in Asian trade.
  • With tariff headlines coming from Trump on aluminum and steel and claims that Elon Musk has found ‘irregularities’ at treasury.
  • Gold’s ascent through all key technical levels continued last week as bullion moved further away from the 20-day EMA of $2,784.43, pulling all major technicals higher in signs that the bullish momentum is likely to continue.
  • The coming fortnight sees major gold producers report earnings, and likely to provide insight into gold’s outlook.
  • Safe haven demand remains a key determinant of gold’s fortunes and as US data provides mixed results for the outlook for rates, the strength of the USD in the face of tariff threats remains a key factor that determines gold’s fortunes in the near term. 
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  • Friday’s moves was all about US data and key releases gave mixed messages about the US economy and the potential for rate rises.
  • Non-farm payrolls were softer than expected at 143k (vs consensus 175k), but the University of Michigan’s inflation expectations survey (1 year forward) rose more than expected to +4.3% from +3.3% in January.
  • Whilst the payrolls number may increase the potential for a rate cut, the inflation outlook dampens that outlook.
  • Gold behaved accordingly having rallied hard just after payrolls, to giving that rally back to end virtually where it started the day.
  • Opening at US$2,856.28, gold peaked at $2,886.78 only to surrender those gains to finish Friday’s trading session at $$2,861.07 and is set to open marginally higher in Asian trade.
  • With tariff headlines coming from Trump on aluminum and steel and claims that Elon Musk has found ‘irregularities’ at treasury.
  • Gold’s ascent through all key technical levels continued last week as bullion moved further away from the 20-day EMA of $2,784.43, pulling all major technicals higher in signs that the bullish momentum is likely to continue.
  • The coming fortnight sees major gold producers report earnings, and likely to provide insight into gold’s outlook.
  • Safe haven demand remains a key determinant of gold’s fortunes and as US data provides mixed results for the outlook for rates, the strength of the USD in the face of tariff threats remains a key factor that determines gold’s fortunes in the near term.