GOLD PRICE

Durable goods orders rose 1.2% in December, but the surge came from a rise in demand for the volatile components of autos and airplanes, with weakness seen in other key manufacturing segments as well as business investment.

Gold prices are down this afternoon from a 10-month high point after the Fed’s discussion minutes from the January FOMC meeting painted a picture of a more balanced committee outlook than the market had inferred from Chairman Jerome Powell’s statement and press conference three weeks ago.

Builder confidence in the market for newly-built single-family homes rose higher than expected, gaining 4 points from 58 to 62 in February according to the most recent National Association of Home Builders Housing Market Index.

Happy Tuesday traders, and welcome back from what I hope was a well-enjoyed long holiday weekend. Even those of you who found some positive action in the holiday-shortened markets yesterday will be surprised to see gold spot markets trading this morning north of $1335/oz and clearing out high-marks going back to late April 2018.

The gold market continues to move higher as strong market fundamentals and an improving technical posture fuel further buying. A variety of factors is behind the market rise and there are currently no indications that recent upside will end any time soon.

The gold market has continued its march higher despite facing several major headwinds. Last Friday saw gold rise even as both stocks and the dollar index gained ground. The strength seen in recent sessions may be indicative of increasing demand and potentially higher prices ahead.

Happy Friday, traders. With a long weekend ahead that I’m sure you’re all anxious to get to, I’ll do my best to keep our rundown (useful, but) brief. So, what kind of week has it been?

According to the University of Michigan Consumer Sentiment Index, US consumer sentiment shot up by more than expected in February following the end of the partial shutdown of the US government and the Federal Reserve signaling that it would be lenient with interest rate hikes for 2019.

US Industrial Production declined -0.6% in January, unexpectedly sinking when analysts were predicting a 0.3% increase. December production was revised down from 0.3% to 0.1%.

Business activity in New York State has recovered slightly according to the latest index which came in at 8.8 compared to 7 expected according to the New York Federal Reserve.

December retail sales have unexpectedly crashed to a 9-year low with a 1.2% decline fueling concerns among market analysts and participants.

Gold prices have bounced after a report showing unexpectedly-high jobless claims coincided with a lower-than-expected PPI for January and the lowest retail sales in nine years. Initial jobless claims rose by 4,000 to 239,000 last week, defying expectations that the numbers would shrink after the partial government shutdown ended.