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GOLD: Weaker Today After Beast Week Since March 2023

GOLD
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Gold prices rose by 1.7% on Friday, closing at $2,716.19, marking a fifth consecutive day of gains. This rally brought the week's total increase to approximately 6%, the largest weekly rise since March of last year, according to Bloomberg.

  • However, in today's Asia-Pacific session, bullion has dipped 0.7%, as US equities and Treasury yields climb. The shift follows news that Donald Trump has selected Scott Bessent as Treasury Secretary. Bessent is seen as a measured and stabilizing choice, potentially boosting confidence in the US economy and financial markets.
  • With gold’s reversal higher extending, the yellow metal has pierced $2,710.4, the Nov 11 high on Friday, opening $2,730.4, a Fibonacci retracement, according to MNI’s technicals team. 
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Gold prices rose by 1.7% on Friday, closing at $2,716.19, marking a fifth consecutive day of gains. This rally brought the week's total increase to approximately 6%, the largest weekly rise since March of last year, according to Bloomberg.

  • However, in today's Asia-Pacific session, bullion has dipped 0.7%, as US equities and Treasury yields climb. The shift follows news that Donald Trump has selected Scott Bessent as Treasury Secretary. Bessent is seen as a measured and stabilizing choice, potentially boosting confidence in the US economy and financial markets.
  • With gold’s reversal higher extending, the yellow metal has pierced $2,710.4, the Nov 11 high on Friday, opening $2,730.4, a Fibonacci retracement, according to MNI’s technicals team.