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Holding Just Below All-Time Highs, Awaiting Friday US Inflation Data

GOLD

Gold is slightly lower in the Asia-Pac session, after closing 0.3% higher at $2178.80 on Tuesday. An intraday high of $2200 was seen early, despite US Treasuries being little changed on the day.

  • Bullion sits just below of its all-time high of $2200.89 ahead of Friday’s release of US PCE deflators, the Federal Reserve’s preferred inflation gauge. That said, the scope for any major surprises should be limited in Good Friday trading, with the CPI and PPI figures feeding into that release.
  • According to MNI’s technicals team, the trend condition in gold remains bullish. Indeed, recent moves signal scope for a climb towards $2230.1, a Fibonacci projection. Key short-term trend support has been defined at $2146.2, the Mar 18 low.
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