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On Track For A Weekly Gain Ahead Of US Payrolls Data

GOLD

Gold is on track for another weekly gain, up 0.2% in the Asia-Pacific session, following a 0.9% increase to $2376.06 on Thursday.

  • Gains were supported by slightly lower US yields.
  • However, today’s US employment report, combined with the upcoming CPI data release and the FOMC meeting are likely to be the key drivers of short-term sentiment.
  • The report is expected to show that the US added 180,000 jobs in May, while the unemployment rate remained steady.
  • This could bolster the case for rate cuts, as US officials have emphasized the need for more evidence of inflation easing toward the central bank’s 2% target before reducing borrowing costs.
  • According to MNI’s technicals team, the medium-term trend structure for gold remains bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind.
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