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Large Gain After Weaker US Economic Data

GOLD

Gold is slightly stronger in the Asia-Pac session, after closing 1.1% higher at $2356.20 on Wednesday.

  • The softer-than-expected US labour market and ISM services survey data allowed gold to break above $2,360/oz briefly as the USD weakened and US Treasuries rallied before gains were pared later in yesterday's session.
  • Nonfarm payrolls data due on Friday should also help build a clearer picture of the US labour market and the policy outlook for the Federal Reserve.
  • Swaps traders are pricing a 70% chance of a rate cut in September.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • From a technical perspective, gold is in consolidation mode, with initial firm resistance at $2,387.8, the Jun 7 high.
  • Meanwhile, silver outperformed, rising ~3% to $30.5/oz. For silver, first resistance to watch is $30.853, the Jun 21 high. A break would be a bullish development.
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