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USAGOLD/Peter Grant/06-23-17
Gold is trading higher on the week, thanks to a rebound from Wednesday’s low. There was actually a key reversal on Wednesday (lower low, close above the previous session’s high), which is generally a pretty reliable technical signal.
That seems to be playing out, although a push above the 1261.78 retracement level is needed to lend credence to the belief that the low is in. The series of higher highs and higher lows prevails.
I don’t post a lot of Canadian economic data, but I did put up CPI this morning. Canada is facing the same inflation dilemma that the U.S. is facing. CPI fell 0.2% in May, slowing to 1.3% y/y. The Canadian dollar immediately sank as expectations for a BoC rate hike evaporated.
On the U.S. calendar, we’ll see May new home sales and Markit flash PMIs.
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