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GOLD: Fed Chair Powell’s Comments Weigh

GOLD
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Gold is slightly higher in today’s Asia-Pac session, after closing 0.9% lower at $2634.58 on Monday.

  • Bullion was pressured yesterday by Fed Chair Powell’s remarks at the NABE conference, where he stressed the Fed is not in a hurry to cut rates. He also emphasised that the overall US economy remains on solid footing.
  • The US 2-year rate was up 8bps to 3.64%, while the 10-year was 3bps cheaper at 3.78%.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • Today's US calendar will see flash PMI, JOLTS and ISMs data, and more Fed speak from Bostic, Barkin and Cook.
  • According to MNI’s technicals team, last week’s move 0.9% move higher confirmed a resumption of the primary uptrend, with a focus on $2675.5 next, a Fibonacci projection. Firm support lies at $2583.9, the 20-day EMA.
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Gold is slightly higher in today’s Asia-Pac session, after closing 0.9% lower at $2634.58 on Monday.

  • Bullion was pressured yesterday by Fed Chair Powell’s remarks at the NABE conference, where he stressed the Fed is not in a hurry to cut rates. He also emphasised that the overall US economy remains on solid footing.
  • The US 2-year rate was up 8bps to 3.64%, while the 10-year was 3bps cheaper at 3.78%.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • Today's US calendar will see flash PMI, JOLTS and ISMs data, and more Fed speak from Bostic, Barkin and Cook.
  • According to MNI’s technicals team, last week’s move 0.9% move higher confirmed a resumption of the primary uptrend, with a focus on $2675.5 next, a Fibonacci projection. Firm support lies at $2583.9, the 20-day EMA.