Gold price corrected to $1,975 Where the dollar index rose earlier, before bouncing on a weak non-manufacturing report from Philly vid showed a significant decrease in -22.8 against -12.8 US housing permits last time and march were revised upwards to 1,430 million of 1,413 million. Bullion gradually headed lower, after reaching its highest level in 13 months. $2,040 on April 13, but has been trading in a relatively narrow range in recent days, as markets await key central bank decisions next week.
As for today, the 2000 dollars The level was tested earlier, only to be rejected and yesterday’s low at 1974 dollarsFriday’s lowest price $1,971.50 Last week’s low 1969.40 US dollars Now it’s all a turn to play. The 21-hour EMA is located at 1988 USD, the main focal area today, before the key 2000 dollars. With the markets perhaps more focused on earnings season with the big hitters Microsoft And Google parents the alphabet With the reporting tonight and expectations of more rate hike bets, the precious metal’s allure has been turned off for the time being. It was a slowdown in yields, the US dollar and talk of viscous inflation lifted the precious metal to an April high, and that momentum has waned as the yield curve continues to flatten with a 2/10 year inversion below 60bps.
The general outlook for the rest of the US data today may help to lift gold later Consumer Confidence CBis expected to decrease to 104.00 from 104.2And New home sales It is also expected to cool to 633k from 640 kilos Finally the flipper often Richmond Manufacturing Index is expected to decrease to -8 In April it is relatively strong -5 in March and the lowest level in 3 years –16 in feb.
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Stuart Coyle
Principal market analyst
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