Free Trial

GOLD: Sitting Just Below $2600

GOLD

Gold is 0.2% higher in today’s Asia-Pac session, after closing 1.1% higher at $2586.74 yesterday. That leaves bullion just below the $2600 mark, which was briefly touched in the aftermath of the 50bp rate cut decision by the FOMC on Wednesday. Lower rates are typically positive for gold, which doesn’t pay interest.

  • The yellow metal's move yesterday came despite a report on Thursday showing jobless claims at the lowest level since May.
  • According to MNI’s technicals team, a bullish structure in gold remains intact, and moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2613.3 next. Firm support lies at $2530.6, the 20-day EMA.
  • Meanwhile, silver outperformed, up ~3% on Thursday, bringing the gold-silver cross down to its lowest level since July 25.
131 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Gold is 0.2% higher in today’s Asia-Pac session, after closing 1.1% higher at $2586.74 yesterday. That leaves bullion just below the $2600 mark, which was briefly touched in the aftermath of the 50bp rate cut decision by the FOMC on Wednesday. Lower rates are typically positive for gold, which doesn’t pay interest.

  • The yellow metal's move yesterday came despite a report on Thursday showing jobless claims at the lowest level since May.
  • According to MNI’s technicals team, a bullish structure in gold remains intact, and moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2613.3 next. Firm support lies at $2530.6, the 20-day EMA.
  • Meanwhile, silver outperformed, up ~3% on Thursday, bringing the gold-silver cross down to its lowest level since July 25.