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Market Update


Gold Today June 6, 2018

Gold was a little choppy last night, trading either side of unchanged in a modest range of $1294 - $1300.  It rose to its $1300 high during early European time, buoyed by softness in the dollar (DX from 93.90 – 93.63).  The greenback was pressured by hawkish comments from the ECB’s Praet that the Bank would debate ending bond buys next week, which took the euro up from $1.1715 - $1.1765.

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Gold Today June 5, 2018

Gold was steady overnight, trading in a narrow range of $1290-$1294, and fading some modest movement in the US dollar.  It slipped to its $1290 low during Asian time where it found support ahead of $1288-89 (up trendline from 12/15/16 $1123 low, double bottom, 5/22 and 5/23 lows).  It was pressured by the DX ticking up to 94.13 against a softer yen (109.75 – 109.99) from weaker readings on Japanese Household Spending and PMI).

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Gold Today June 4, 2018

Gold was either side of unchanged last night, trading in a range of $1290.35 - $1297.35.  It slipped to its $1290.35 low during Asian hours despite a tick down in the dollar (DX from 94.17 – 94.10), fading a move higher in the US 10-year bond (2.90% - 2.926%) and firmer global equities, with Friday’s strong US Jobs report still resonating.

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Gold Today June 1, 2018

Overnight, gold was very steady along with other markets, trading narrowly between  $1297..75 - $1300.65 while awaiting today’s US Payroll Report.  The DX was somewhat stable between 93.88 – 94.20, as the euro stabilized off news that Italy reached a deal on a new government, and ending a crisis that rattled global markets for days.

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Gold Today May 31, 2018

Gold advanced overnight in a range of $1301.25 - $1306.65, tripping some buy stops over $1303 (down trendline from 4/11 $1365 top).  However, resistance at $1306-08 (triple top, 5/24, 5/25, and 5/29 highs ,200-day moving average) capped the advance.  It was boosted by weakness in the dollar as the DX softened from 94.14 – 93.71.

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Gold Today May 30, 2018

Gold traded either side of unchanged last night in a range of $1296 - $1303.  It rose to its $1303 high early during Asian hours – despite the DX remaining somewhat steady around 94.80.  The yellow metal was boosted by weakness in Asian equites (NIKKEI off 1.5%, SCI off 2.55%), which were hurt by concerns over US-China trade talks (US said it would proceed with tariffs on $50B in Chinese imports and investment restrictions), and the ongoing political instability in Italy.

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Gold Today May 29, 2018

Gold rose overnight in a range of $1296.05 - $1306.50, aided by the political turmoil in Italy and Spain.  Italy’s 10-year yield spiked to from 2.33%  to 3.388%, and Spain’s 10- year yield jumped from 1.44%  - 1.662%, while the safe haven 10-year German Bund yield sank from 0.46% to 0.192%, and the US 10-year yield tumbled from 2.93% to 2.799%.

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Gold Today May 25, 2018

Overnight, gold traded either side of unchanged in a narrow range of $1301.70 - $1306.80, but retained its choppy tone.  It softened early during Asian time to its $1301.70 low as the dollar moved higher (DX from 93.75 – 93.90) off some conciliatory remarks from North Korea, after Trump cancelled the summit scheduled for 6/12 yesterday (“we have the intent to sit with the US side to solve problem regardless of ways at any time”).

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Gold Today May 24, 2018

Yesterday’s FOMC minutes were dovish, with the Fed focusing on its “symmetric inflation objective”.  It would be content to let inflation briefly run above their 2% target as the economy continues to recover, and does not force their hand to hike as rapidly as previously perceived.

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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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