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Market Update


Gold Today May 23, 2018

Gold remained nervous and choppy overnight, trading either side of unchanged in a range of $1289.30 - $1297.90.  It directionally continued to trade against the US dollar, but at times, it held its own against strength in the greenback.  It rose to $1295.50 early during Asian hours, boosted by a dip in the DX to 93.51 - but was capped by resistance at yesterday’s $1296 high.

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Gold Today May 22, 2018

Gold was a little choppy overnight in a range of $1288 – $1296, largely fading movements in the US dollar.  It traded down to its $1288 low during Asian and early European time, as the DX rose to 93.74, boosted by more positive news on US-China trade.  The Chinese Finance ministry said it will slash import tariffs on passenger vehicles from 25% to 15%, and cut duties on car parts to 6%.

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Gold Today May 21, 2018

News that the US and China agreed to drop their tariff threats while they work on a larger trade agreement rallied equity markets last night.  The NIKKEI was up 0.3%, the SCI gained 0.6%, Eurozone shares were unch to +0.7%, and S&P futures were +0.6%, with firmer oil aiding the move (WTI from $71.38 - $71.85 supply concerns from Iran and Venezuela).

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Gold Today May 18, 2018

Gold traded lower overnight in a narrow range of $1291.20 - $1286.30, but it held above the key support level of $1285 (yesterday’s low, up trendline from 12/15/16 $1123 low).  It traded against a firmer dollar (DX up to 93.65), which was boosted by weakness in the yen (110.71 – 111.08, weaker Japanese CPI) and the euro (dips to near 5-month low at $1.1771, Italian political concerns outweigh stronger German WPI and PPI reports).

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Gold Today May 17, 2018

Gold was choppy again last night, trading in a range of $1285.45 - $1294.40, and against movements in the USD.  The yellow metal rose to its $1294.40 top during Asian hours as the resurgent DX pulled back to 93.11, hurt by some strength in the yen (110.41 – 110.07), euro ($1.18 - $1.1838), and sterling ($1.3480 - $1.3564, hopes for Britain staying in the Customs Union).

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Gold Today May 16, 2018

Gold was a little choppy overnight in a range of $1287 - $1297, largely fading movements in the US dollar.  It recovered from yesterday’s $21 thrashing to its $1297 high during Asian and early European hours, as the DX pulled back from the 5-month peak it reached yesterday (93.46) to 93.13.

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Gold Today May 15, 2018

Gold traded down last night in a range of $1315 - $1307, finding support at its 200-day moving average.  It faded a stronger dollar, (DX from 92.60 – 93.05), which was boosted by weakness in the euro ($1.1937 - $1.1875, weaker Eurozone Industrial Production and German GDP and  ZEW weigh).

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Gold Today May 11, 2018

Gold traded higher overnight in a range of $1318.50 to $1325.95 to reach a 2-week high.  It took out yesterday’s $1323 high, but ran into resistance at $1324-26 ($1324-25 – double top, 4/27 and 4/30 highs, $1325 – options, $1326 – 100-day moving average, $1326 – 20-day moving average).  Gold initially dipped to its $1318.50 low during Asian time, pressured by an early move up in the dollar (DX to 92.84).

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Gold Today May 10, 2018

Gold rose overnight in a range of $1311 - $1318, but was capped at the quadruple top resistance area of $1318 -19 (5/3, 5/7, 5/8 and 5/9 highs).  It was fueled by a softening in the resurgent US dollar, which traded down from 93.17 – 92.80.  The greenback was pressured by some strength in the euro ($1.1845 - $1.1891) and the pound ($1.3545 - $1.3615 – bid up ahead of BoE statement).

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Gold Today May 9, 2018

Gold was weaker overnight, trading in a choppy fashion in a range of $1304.40 - $1316.80.  After ticking up to its $1316.50 early during Asian hours, gold came under pressure from renewed strength in the US dollar (DX from 93.10 – 94.42).

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