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Rallies Into 20-Day EMA

GOLD

Gold is 0.2% higher in the Asia-Pac session, after closing 0.8% higher at 1874.36 on Thursday.

  • Lower bond yields, dovish Fedspeak and increased geopolitical risks combined to promote a bid for the yellow metal.
  • There is a growing consensus among US policymakers in favour of a more cautious stance regarding further monetary tightening. Recent dovish statements from officials such as Atlanta Fed President Raphael Bostic, Vice Chair Philip Jefferson, and Dallas Fed President Lorie Logan have prompted STIR to reduce their expectations for additional rate hikes this year.
  • The focus now turns to US CPI data, which is released later today.
  • Bulls will now look to breach the 20-day EMA ($1,878.2/oz), in a bid to turn the technical tide more in their favour, according to MNI’s technicals team.
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