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Heading For A Weekly Drop Ahead Of US Payrolls Data

GOLD

Gold is slightly higher in the Asia-Pac session, after closing 0.1% higher at $2043.65 on Thursday.

  • Bullion is poised for its first weekly drop in a month on increasing signs the Federal Reserve will be slower to start easing policy than was anticipated at the end of last year.
  • On Thursday, US Treasuries continued their recent cheapening trend, fueled by a rethink of aggressive rate hike bets, stronger data, profit-taking, and supply.
  • Cash US Treasuries finished 5-8bps cheaper, with the curve steeper, following higher-than-expected ADP Employment Change data (164k vs 125k est) and lower-than-expected Initial Jobless Claims (202k vs. 216k est). The market now awaits Non-Farm Payrolls data later today.
  • According to MNI’s technicals team, moving average studies are still in a bull-mode position despite the weakness seen this week. Key support lies at $1973.2, the Dec 13 low.
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