May 30, 2024 04:06 GMT
Weaker Ahead Of Key US Data
GOLD
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Gold is 0.2% lower in the Asia-Pac session, after closing 1.0% lower at $2338.12 on Wednesday.
- Wednesday’s softness can be linked to a bear-steepening of the US Treasury curve as global bonds reacted to higher than expected German CPI.
- Overall, the precious metal continues to consolidate after hitting an all-time high of $2,450 last week ahead of a batch of key US economic indicators including Q1 GDP and Weekly Jobless Claims on Thursday and April’s PCE Deflator, the Fed’s preferred inflation gauge, on Friday.
- According to MNI’s technicals team, the medium-term trend structure remains bullish, and a resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2305.8, represents a key support.
- In contrast, silver has edged up by 0.1% today to $32.1/oz, within sight of last week’s 11-year high at $32.5. A break of this level would open $33.887 next, a Fibonacci projection.
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