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USAGOLD/Peter Grant/05-23-17
Gold dipped modestly in the wake of the Manchester terror attack as Sterling fell, pushing the dollar lower. However, market moves in the immediate wake of the attack have largely been reversed. Sterling is now slightly higher on the day, the dollar is back on the defensive and gold is back within striking distance of yesterday’s highs at 1263.76.
The negative dollar and positive gold trends remain intact. Fresh highs this week would shift the technical focus to the high for the year at 1295.03.
Geopolitical tensions rose after the Indian army fired artillery on Pakistani military posts across the “line of control.” The Times of India described it as a “punitive” artillery assault in retaliation for the Pakistan military aiding infiltrators to the Indian side.
The U.S. calendar has April home sales, Markit flash PMIs and the Richmond Fed index. We’ll hear FedSpeak from Kashkari and Harker, as well as ECBSpeak from Coeure.
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