| | |
|
USAGOLD/Peter Grant/07-25-17
Gold has rebounded from modest overseas downticks to trade little-changed on the day, as the dollar continues its slide. The dollar index has fallen to fresh 13-month lows, making the 2½-year low at 91.91 look increasingly attractive.
Last week’s gains in gold returned considerable credence to the uptrend that has emerged so far this year. While there are several additional tiers of resistance above the market, dollar weakness should help keep gold underpinned.
The Fed’s 2-day FOMC meeting begins today and the policy statement will be released tomorrow at 2:00ET. The Fed is widely expected to hold steady on policy. While I think they will keep their cards close to the vest, the market will be looking for clues as to the likelihood of a September rate hike. Fed funds futures put the probability at just 8.2%.
Later this morning we’ll see Case-Shiller and FHFA home prices for May. More gains in both are expected. We’ll also get July consumer confidence and the Richmond Fed index. The former is expected to ease modestly, while the latter is expected to come in steady.
| |
Read the rest of the article at
USA Gold
