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USAGOLD/Peter A. Grant/02-27-17
Gold starts the week just off the 15-week high set on Friday at 1260.12. With both the dollar and stocks lower, the downside for the yellow metal is seen as limited.
Durable goods orders for January came in above expectations at +1.8%, driven by both defense and non-defense aircraft orders. December was revised lower to -0.8% from -0.5% previously. However, ex-trans fell 0.2%, below expectations of +0.5%.
Later this morning we have January pending home sales index and the Dallas Fed Index, as well as FedSpeak from Dallas Fed President Kaplan.
Adding an additional layer of uncertainty to an already uncertain global political picture — which has been broadly supportive to gold — are expectations that Scotland will ask for another referendum to leave the UK. Continue to view downticks as buying opportunities.
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