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GOLD: Small Rebound After Friday’s Decline

GOLD
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Gold is 0.2% higher in today’s Asia-Pac session, after closing 0.5% lower at $2621.40 on Friday. 

  • Gold’s decline at the end of a subdued holiday-shortened trading week came after mixed US jobless data. The data did little to alter bets on the outlook for Federal Reserve interest-rate cuts. Lower rates are typically positive for gold, which doesn’t pay interest.
  • Fed rate cuts into early 2025 gained slightly by Friday’s close vs. morning levels (*) as follows: Jan'25 steady at -2.7bp, Mar'25 -13.3bp (-13.1bp), May'25 -18.5bp (-17.7bp), Jun'25 -26.5bp (-25.7bp).
  • According to MNI’s technicals team, the move down undermined the recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low.
  • Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2640.0, the 20-day EMA. A breach of this EMA would be positive for bulls.
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Gold is 0.2% higher in today’s Asia-Pac session, after closing 0.5% lower at $2621.40 on Friday. 

  • Gold’s decline at the end of a subdued holiday-shortened trading week came after mixed US jobless data. The data did little to alter bets on the outlook for Federal Reserve interest-rate cuts. Lower rates are typically positive for gold, which doesn’t pay interest.
  • Fed rate cuts into early 2025 gained slightly by Friday’s close vs. morning levels (*) as follows: Jan'25 steady at -2.7bp, Mar'25 -13.3bp (-13.1bp), May'25 -18.5bp (-17.7bp), Jun'25 -26.5bp (-25.7bp).
  • According to MNI’s technicals team, the move down undermined the recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low.
  • Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2640.0, the 20-day EMA. A breach of this EMA would be positive for bulls.