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USAGOLD/Peter Grant/05-24-17
Gold is edging higher within the recent range amid mixed fundamental inputs. While the underlying trend for the year remains favorable, a break of last week’s high at 1265.01 is needed to return focus to the high for the year at 1295.03.
The U.S. calendar features existing home sales and the minutes from the May FOMC meeting. We’ll also hear FedSpeak from Brainard, Bullard, Kaplan and Kashkari.
The Bank of Canada will announce policy today at 10:00ET. They are widely expected to hold the overnight rate steady at 0.5% based on ongoing concerns about “material excess capacity.”
Moody’s downgraded China from A1 from Aa3, citing concerns over growing debt and slowing growth. It was China’s first downgrade in 30-years.
“Looking ahead, we expect China’s growth potential to decline to close to 5% over the next five years,” said Moody’s. If that really happens, there will be considerable implications for the broader global economy.
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