The financial markets at a glance
Your market news roundup
What’s happening in the markets? We’ve put together some of the most important news and events that may affect your trades in the near term.
US Economic Data Was Worse. Is This The Time for Gold to Soar?
- Yesterday, the home price data showed worse-than-expected YoY data, but the MoM data was slightly better.
- The consumers were more pessimistic about the economic condition portrayed by the lower Consumer Confidence data.
- In addition, the Dallas Manufacturing Index dipped deeper, indicating contraction.
- From a technical perspective, Gold bounced strongly from the support area at 1,930 – 1,950 USD per troy ounce.
- If it can sustain its momentum, it may continue hitting 1,985 – 2,000 USD per troy ounce and change its course.
- On the contrary, failure to hold above the support area may indicate a continuation to 1,890 – 1,910 USD per troy ounce.