GOLD: Prices Bounce on Technical Levels.
• Gold prices moderated into the US trading day end as markets await Friday’s Non-Farm payrolls report and today have oscillated around the 20-day EMA $2,646.45 and th 50-day EMA $2,639.31 in Asian trading.
• Economist surveys point to a +220k payrolls result following October’s Hurricane impacted 12k result.
• Federal Reserve Chairman Powell said ahead of Fed Blackout this week that he expects ‘officials to move cautiously as they continue to lower rates.’
• As gold does not pay interest, rate cuts are positive as it directly impacts the financing costs for buying gold.
• Gold opened the US trading session at US$2,649.90, slipping to $2,623.61 before recovering to $2,631.91 into the close, where it opened in Asia before bouncing mid-morning to reach $2,642.07