Winning Steak Extends To Seven

Gold is little changed in the Asia-Pac session, after closing 0.8% higher at $2300.00 on Wednesday, a new record high. Bullion’s winning streak extended to seven sessions.

• Investors took comfort in comments from Fed Chairman Powell. He said the Fed is likely to begin cutting interest rates “at some point this year”, but the risks are two-sided as inflation could remain stubborn and the economy could deteriorate.
• Earlier, a stronger-than-expected US ADP Jobs Report (+184k vs. +150k est) initially pushed US yields higher, before soft ISM Services data reversed the move.
• The US 2-year yield peaked near 4.74%, before reversing lower to 4.67%. The 10-year yield saw a fresh YTD high (4.43%), before retracing to 3.35%.
• According to MNI’s technicals team, the trend condition in gold remains bullish. Key trend support has been defined at $2146.2, the Mar 18 low.
• (AFR) Bitcoin enthusiasts often argue that one of the digital currency’s many virtues is its ability to act as a safe haven asset, fulfilling the role that gold has traditionally played. (See link)