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Higher After A Tempering Of Inflation Expectations

GOLD
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Gold is 0.5% higher in the Asia-Pac session, after closing 0.2% higher at $2333.83 on Friday.

  • On Friday, the yellow metal was supported by a tempering of UofM inflation expectations, which bolstered sentiment that the Federal Reserve may still have room to cut rates this year. The 10-year yield met firm resistance at 4.50%, last seen May 14, closing at 4.465%.
  • Nevertheless, bullion finished around 3% lower last week, the largest weekly decline since December.
  • According to MNI’s technicals team, the trend structure for gold remains bullish and the move lower appears to be a correction.
  • On the upside, attention is still on $2,452.5, a Fibonacci projection. The 50-day EMA, at $2,298.5, represents a key support.
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Gold is 0.5% higher in the Asia-Pac session, after closing 0.2% higher at $2333.83 on Friday.

  • On Friday, the yellow metal was supported by a tempering of UofM inflation expectations, which bolstered sentiment that the Federal Reserve may still have room to cut rates this year. The 10-year yield met firm resistance at 4.50%, last seen May 14, closing at 4.465%.
  • Nevertheless, bullion finished around 3% lower last week, the largest weekly decline since December.
  • According to MNI’s technicals team, the trend structure for gold remains bullish and the move lower appears to be a correction.
  • On the upside, attention is still on $2,452.5, a Fibonacci projection. The 50-day EMA, at $2,298.5, represents a key support.