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GOLD: Up For A Fifth Consecutive Session

GOLD
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Gold is 0.3% higher in today’s Asia-Pac session, after closing 1.1% higher at $2721.46 on Friday.

  • Friday’s gain took bullion’s winning streak to four consecutive sessions, while today’s move has extended the record high to $2,732/oz.
  • Analysts note that US election hedges and ongoing geopolitical uncertainties could drive gold higher near-term.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after Friday’s modest bull-steepener. With a limited docket of impactful events on this week's US schedule, the focus will be on weekly jobless claims data and flash PMIs, with appearances by FOMC members Logan and Schmid featuring Monday, and the Fed's Beige Book out Wednesday.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, the clearance of $2,700 reinforces current bullish trend conditions, with sights on $2737.8 next, a Fibonacci projection.
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Gold is 0.3% higher in today’s Asia-Pac session, after closing 1.1% higher at $2721.46 on Friday.

  • Friday’s gain took bullion’s winning streak to four consecutive sessions, while today’s move has extended the record high to $2,732/oz.
  • Analysts note that US election hedges and ongoing geopolitical uncertainties could drive gold higher near-term.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after Friday’s modest bull-steepener. With a limited docket of impactful events on this week's US schedule, the focus will be on weekly jobless claims data and flash PMIs, with appearances by FOMC members Logan and Schmid featuring Monday, and the Fed's Beige Book out Wednesday.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, the clearance of $2,700 reinforces current bullish trend conditions, with sights on $2737.8 next, a Fibonacci projection.