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Hovering Around $1,900/oz As May FOMC Draws Closer

GOLD

Gold sits ~$6/oz higher, printing ~$1,900/oz at typing. The precious metal is back from session highs at (~$1,905.9/oz), but operates clear of Thursday’s best levels.

  • The precious metal builds on a ~$8/oz higher close on Thursday, after rising off session lows at $1,872.2/oz on support from a downtick in U.S. real yields despite a fresh cycle high in the USD (DXY).
  • Gold is on track to close ~$40/oz lower for the month, possibly representing its worst month in over half a year, with headwinds evident above the $2,000/oz price level. The DXY has continued to make fresh successive cycle highs throughout April while U.S. real yields have pushed higher as well, with 10-Year real yields hovering a touch below neutral levels (after briefly breaking into positive territory for the first time in over two years on Apr 20).
  • Looking ahead, U.S. PCE data is expected to draw some focus, with MNI Chicago PMI and U. of Michigan Consumer Sentiment headlining data releases as well.
  • From a technical perspective, gold has formed initial support at Thursday’s low of $1,872.2/oz, while resistance remains some distance away at around ~$1,941.3/oz (20-Day EMA).
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