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Steady Ahead Of Key US Data

GOLD

Gold is little changed in the Asia-Pac session, after closing slightly lower at $2329.46 on Tuesday.

  • The yellow metal failed to strengthen after Fed Chair Powell’s relatively dovish comments at the ECB conference in Sintra. Powell stated recent inflation data suggested that "we are getting back on a disinflationary path", with the caveat that more is needed to be more confident that inflation is headed sustainably to 2% before loosening policy.
  • Nevertheless, bullion continues to trade in a very tight $2,320-$2,340 range, ahead of key US data.
  • There is a heavy US data drop in today’s shortened session ahead of tomorrow’s 4th of July holiday: Challenger Job Cuts, ADP Employment, Weekly Jobless claims, ISM Services, Factory/Durables Orders and June FOMC Minutes. Friday will see June Non-Farm Payroll data.
  • According to MNI’s technicals team, a clear break of the 50-day EMA, at $2,319.2, would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.

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