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Still In Consolidation Mode

GOLD

Gold is 0.4% lower in the Asia-Pac session, after closing 0.5% higher at $2334.65 on Monday

  • According to MNI’s technicals team, gold continues to trade below resistance - for now. The yellow metal recently pierced the 50-day EMA, at $2,318.3, a clear break of which would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
  • Meanwhile, gold may rise to $3,000/oz over the next 12-18 months, according to separate reports from BofA and Citi. Citi notes that expected Fed rate cuts should be particularly bullish for precious metals.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
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