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Unchanged In Asia-Pac, Weaker Dollar & Debt Ceiling Talks Supporting

GOLD

In Asia-Pacific trading, gold is little changed at 2016.61, after closing +0.3% to $2016.49 having gyrated its way higher with the USD index steadily unwinding Friday’s sizeable gain.

  • Further debt ceiling talks between the White House and Congressional leaders are set for Tuesday and are expected to hit roadblocks. A key Republican Congressional leader signalled Monday they're far apart from President Joe Biden on debt limit negotiations, lending support to gold.
  • With the Federal Reserve coming to the end of its hiking cycle, market analysts are looking for a supportive medium-term outlook for gold.
  • 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.
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