Mid-Session Gold Market Report
The gold market was able to reject an early pulse down move but the prior closing level ultimately seemed to limit the gold market on the upside in the Monday morning US trade action. Adverse currency market action, weak equities and confusing news out of Greece left the gold market with a slight bit of outside market drag today, but there also didn’t appear to be an overly dominating conviction in place this morning. There is hope that a series of meetings this week (FOMC & G20) will begin to shore up confidence on the global economic front, but it is also possible that this morning’s NAHB readings were seen as a bit of a surprise from the economic front, as initial estimates expected a slight decline in that report. Therefore, the rise in the NAHB Index might have dampened US easing hopes and that in turn might have increased the resistance hanging over the gold market.
— CMEGroup
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