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Rebounds On Monday After Friday’s Collapse

GOLD

Gold is trading 0.3% lower in the Asia-Pacific session, following a 0.7% rise to $2310.88 on Monday. Monday's increase came after a 3% decline on Friday, driven by stronger-than-expected US employment data.

  • Investors now keenly await two key events on Wednesday: the latest US CPI data and the latest thoughts from Federal Reserve Chairman Jerome Powell following the FOMC Decision.
  • The Federal Reserve is widely expected to keep borrowing costs steady for the seventh consecutive meeting.
  • A Bloomberg survey showed 41% of economists expect the central bank to signal two cuts, while an equal percentage forecast either one cut or none at all.
  • According to MNI’s technicals team, last week’s sharp sell-off in gold reinforced a short-term bearish theme. The yellow metal has cleared support around the 50-day EMA, at $2,313.5, opening $2,277.4, the May 3 low. Initial resistance to watch is $2,387.8, Friday’s high.
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