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.
click here To access our economic calendar
Stuart Coyle
Principal market analyst
Disclaimer: This material is provided as general marketing communication for informational purposes only and does not constitute independent investment research. Nothing in this communication contains, or should be deemed to contain, investment advice, investment recommendation or solicitation for the purpose of buying or selling any financial instrument. All information provided is collected from reputable sources and any information containing an indication of past performance is not a guarantee or a reliable indicator of future performance. Users acknowledge that any investment in leveraged products is characterized by a certain degree of uncertainty and that any such investment involves a high level of risk for which the Users are solely responsible. We accept no liability for any loss arising from any investment made based on the information contained in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Comments are closed.