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Reading: Gold on Pace for its Best Week in 6 Months
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Live Trading News > Blog > Gold > Metals > Gold on Pace for its Best Week in 6 Months
Commodities

Gold on Pace for its Best Week in 6 Months

Paul Ebeling
Last updated: May 7, 2021 6:40 am
Paul Ebeling
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1 Min Read
ltngold
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#gold #USD #Treasuries

$XAU $GLD $USD $DXY $TLT

“The weaker USD and US Treasury yields dropping below 1.6% has helped gold prices to break above 1,800”— Paul Ebeling

Gold prices rose to a 2.5-month high in Asia Friday and were on pace for their best wk in 6 months, boosted by a weaker USD and a pullback in Treasury yields as investors await US NFPs report due later Friday.

Spot gold was up 0.2% at 1,818.73oz by 0652 GMT, after hitting its highest since 16 February earlier in the session. Bullion gained nearly 3% so far this wk.

US gold futures rose 0.2% at 1,818.80.

The US jobs data is a important point. If data comes out really good, we can see people being more positive on the economy and it may lead to Fed increasing the interest rates earlier than expected, which will impact gold.

.DXY slipped to a 1-wk low Vs its peers, while benchmark 10-yr Treasury yields hang close to 2-wk lows.

Have a healthy weekend, Keep the Faith!

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By Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   
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