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USAGOLD/Peter Grant/07-24-17
Gold begins the week much as it ended last week, pressuring the upside. The 5-week high at 1258.90 is under pressure this morning as the dollar continues to plumb new 13-month lows.
The yellow metal took out several important technical levels last week, which has returned considerable credence to the underlying uptrend. The next tiers of resistance we’re watching are 1260.96 and 1267.79.
June existing home sales and Markit PMI are out later this morning. Focus however this week is on the two-day FOMC meeting that begins tomorrow.
While the Fed is not expected to do anything at this meeting, the market will be hoping for some indication of their intentions for September. At this point, the market is pretty convinced that that the Fed is on pause through September.
At the end of this week, we’ll get the advance report on Q2 GDP. Expectations are running at +2.5%.
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