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US Home Sales Slump Unexpectedly in March After Strong February Data
Sales of existing homes in the US fell below market expectations in March following solid performance the month before, pointing to ongoing weakness in the housing market. Sales dropped -4.9% vs -3.8% expected.
Gold Price Preview: April 22 - 26
Good morning traders, welcome back to another week in the metals markets. After opening Sunday evening on the uptick following a long weekend, gold prices have sunk a bit and returned to their Thursday afternoon levels now trading at $1275/oz.
Gold Price Recap: April 15 - 19
Happy Friday traders. At the end of a shortened week, gold prices and longs are licking their wounds after a breakdown of technical support levels on Tuesday. So, what kind of week has it been?
US Construction Dips Unexpectedly in March, Price of Gold Rises
US construction of new homes dropped just shy of a two-year low in March, indicating ongoing difficulty in the housing market despite lower mortgage rates and higher wages alleviating some recent headwinds. Annually, starts dipped 14.2%.
Gold Price Holds Gains as US Jobless Claims Near 50-Year Low
The number of Americans applying for unemployment benefits sunk to the lowest point in 49 ½ years last week, reaching 192,000. The four-week moving average also contracted, dropping 6,000 places to 202,150.
Weak Performance in Manufacturing Seen in Philly Fed Report
The Philadelphia Fed released a report on Thursday stating that its manufacturing index for April dropped from 13.7 in March to 8.5 in March, now entering single digits and heading toward a contraction.
Retail Sales Punched Well Above Expectations in March
The US Census Bureau released a report on Thursday indicating that March retail sales rose by 1.6% vs 1% expected, and following a -0.2% dip the month prior.
US Trade Balance Shows Shrinking Deficit
The US trade deficit hit an 8-month low in February, spurred on by a sharp increase in civilian aircraft exports. The deficit dropped from $51.1 billion to $49.4 billion.
US Homebuilder Confidence Climbed in April
Confidence in the newly-built single-family home market rose from 62 to 63 in April according to the NAHB/Wells Fargo Housing Market Index (HMI) released on Tuesday. The index is closely-watched as an indicator of the future health of the US housing market.
US Industrial Production Declines in March, Gold Prices Near Four-Month Low
The Federal Reserve reported on Tuesday that industrial production unexpectedly fell by -0.1% in March, despite market expectations of a 0.1% gain. Compared to expectations, the last four readings for industrial production have been disappointing.
Gold Price Preview: April 15 - 19
Gold price has started out on the back foot this week, after dropping below the line of support at $1290/oz shortly after the Sunday evening open. After briefly challenging $1282 earlier today, and with some tailwinds from a gloomy outlook reported in the NY Empire State Manufacturing Index for April, the spot price for yellow metal is on the up once again and may make a run at crossing back above $1290.
Gold Price Recap: April 8 - 12
At the end of a generally quiet week for financial markets gold price has fallen to levels considerably below $1300/oz after a promising start to the week and an attempt to set a toe-hold above the major psychological level.
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About the GoldPrice.org Team
Benjamin Roussey
Benjamin Roussey has two master’s degrees and served four years in the US Navy. He writes professionally for several sites that cover one sector of our economy to another, including GoldPrice.org.
Benjamin enjoys sports, movies, reading, and current events when he is not working online. He currently resides in the Phoenix area.
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Conor Maloney
Conor Maloney is a journalist with hundreds of articles covering financial markets and topics published on sites like Yahoo Finance and GoldPrice.org.
He is passionate about blockchain, cybersecurity, and financial independence, and he believes in gold as a viable alternative to fiat currency.
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John Moncrief
John Moncrief is an active commodities and currency trader with nearly a decade in the industry. He also has several years of experience in writing market analysis and research notes.
John’s particular interest is in examining precious metals and currency trends through a focus on macroeconomic drivers and behavioral economic theory; although he’s probably spent at least as much time reading Stan Lee as he has Richard Thaler.
Matthew Bolden
Matthew Bolden is an active trader and investor. His passions include writing about financial markets in a simple, pragmatic way. His work has been seen in various arenas within the world of global finance, and he has written commentary on several markets including precious metals, stocks, currencies and options.
Matthew is an avid reader, student of the markets and sports enthusiast who resides in the greater Chicago area.
Ryan Page
Ryan Page has worked for 3 years as a commodities derivative’s trader. He has been building models to analyze global macro data and evaluate risk for more than 5 years.
Ryan has been trading since he was 14 years old. He enjoys playing mid to high stakes poker, with immense experience studying and applying game theory.
