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USAGOLD/Peter Grant/06-21-17
Gold is maintaining a generally defensive tone, edging once again to 5-week lows on weak momentum. A firm dollar and stocks are weighing on the yellow metal, while a myriad of economic, political and geopolitical risks provide underpinning to the market. I’m watching support marked by the 200-day moving average at 1236.12.
With recent FedSpeak echoing the hawkish tone of last week’s policy statement, traders are still unwinding some of their short dollar exposure. Those short positions were predicated on an expectation that the Fed would take a more dovish tone in the wake of recent weak data.
That didn’t happen. If fact, the Fed arguably turned more hawkish in an effort to keep a September hike on the table.
May existing home sales and EIA crude data are on the calendar for later today.
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