Slightly Weaker In Asia-Pac Trade

In early Asia-Pacific trading, gold has continued to decline, following a 0.8% drop on Thursday, and is currently at 2010.63, down by 0.2%. Meanwhile, the USD index remains steady at 102.05.

• MNI's technical team reports that gold is still on an uptrend, marked by a series of higher highs and higher lows. Moving average studies are also indicating a bullish setup. Investors are closely monitoring the March 8 high of $2070.4, which is the immediate target before the all-time high of $2075.5. Meanwhile, the key support level remains at $1969.3, which was the low point recorded on April 19th.
• Gold prices have remained above $2000 for the month of May, as investors anticipate the end of the Federal Reserve's tightening cycle. Concerns about the impasse over the US debt ceiling have also contributed to a bullish market sentiment.
• Earlier in the week, gold prices hit $2048.19 per ounce after the release of US CPI data, which was accompanied by a decline in US tsy yields. Although yields have continued to decline and reached new weekly lows following the release of PPI data, gold prices have not returned to the post-CPI high.