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GOLD: Up For A Fourth Consecutive Session

GOLD
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Gold is 0.7% higher in today’s Asia-Pac session, after closing 0.7% higher at $2669.72 on Wednesday, its fourth consecutive daily gain.

  • The move brings the yellow metal to its highest since Nov 11, amid continued safe-haven demand following the further escalation of geopolitical tensions.
  • As a result, the 20-day EMA at $2,653.1 has been breached. This highlights a stronger reversal for gold and signals the end of the recent bearish corrective cycle, opening $2,710.4, the Nov 11 high, according to MNI’s technicals team.
  • Traders also weighed yesterday’s comments from Fed Bank of Chicago President Austan Goolsbee, who said he sees interest rates moving “a fair bit lower” and expressed confidence inflation is easing toward the central bank’s target. Lower rates typically benefit bullion as it doesn’t pay interest.
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Gold is 0.7% higher in today’s Asia-Pac session, after closing 0.7% higher at $2669.72 on Wednesday, its fourth consecutive daily gain.

  • The move brings the yellow metal to its highest since Nov 11, amid continued safe-haven demand following the further escalation of geopolitical tensions.
  • As a result, the 20-day EMA at $2,653.1 has been breached. This highlights a stronger reversal for gold and signals the end of the recent bearish corrective cycle, opening $2,710.4, the Nov 11 high, according to MNI’s technicals team.
  • Traders also weighed yesterday’s comments from Fed Bank of Chicago President Austan Goolsbee, who said he sees interest rates moving “a fair bit lower” and expressed confidence inflation is easing toward the central bank’s target. Lower rates typically benefit bullion as it doesn’t pay interest.