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GOLD: Sitting Just Below $2600

GOLD
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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.
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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.