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USAGOLD/Peter Grant/07-17-17
Gold extended to the upside in overseas trading after posting solid gains on Friday. That puts the yellow metal convincingly back above its 200-day moving average.
Gold is being supported by diminished September rate hike expectations in the wake of recent weak data, which is pressuring both yields and the dollar. This morning’s plunge in the Empire State Index adds to the feeling that the economy may be stalling-out.
Further weakness in prices is expected to be revealed in June import and export prices this morning. On the heels of soft PPI and CPI data last week, hope for targeted 2% inflation seems to be evaporating.
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