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GOLD: Gives Back Friday’s Gain

GOLD
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Gold is 0.5% lower in today’s Asia-Pac session, after closing 0.4% higher at $2747.56 on Friday. 

  • The yellow metal finished 0.9% higher on the week, albeit below Wednesday’s record high of $2,758. Nevertheless, it was the third weekly gain for gold as safe-haven demand remained high ahead of the US election and amid elevated geopolitical tensions.
  • However, today’s weakness may reflect the fact that Israeli strikes on Iran over the weekend appeared to be more restrained than many expected.
  • Market participants will be looking for US inflation and payrolls figures this week to guide on the pace of interest rate cuts by the Federal Reserve this year. Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, trend conditions for gold remain bullish, reinforced by last week’s extension. Sights are still on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.
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Gold is 0.5% lower in today’s Asia-Pac session, after closing 0.4% higher at $2747.56 on Friday. 

  • The yellow metal finished 0.9% higher on the week, albeit below Wednesday’s record high of $2,758. Nevertheless, it was the third weekly gain for gold as safe-haven demand remained high ahead of the US election and amid elevated geopolitical tensions.
  • However, today’s weakness may reflect the fact that Israeli strikes on Iran over the weekend appeared to be more restrained than many expected.
  • Market participants will be looking for US inflation and payrolls figures this week to guide on the pace of interest rate cuts by the Federal Reserve this year. Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, trend conditions for gold remain bullish, reinforced by last week’s extension. Sights are still on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.