Make Kitco Your Homepage

Phoenix's Grady: 200-Day Average Key Chart Level For Gold

Kitco News

Editor's Note: Kitco readers, have your say! Check out our newest feature – KITCO CHAT! – where you can share your comments and ask questions directly to us.

The 200-day moving average will be a key technical-chart level for Comex gold, says Kevin Grady, president of Phoenix Futures and Options LLC. For the August futures, this is around $1,240 an ounce. “Above this level, there should be buying by shorts [covering positions] and new longs coming into the market,” Grady says. As of 10:15 a.m. EDT, the market was trading at $1,229.40, up $12.10 for the day. The session high so far is $1,232.70. August gold has been below the 200-day average since the start of the month.

By Allen Sykora of Kitco News; asykora@kitco.com

 

CIBC: Fed Likely To ‘Kick The Can Down The Road On Rate Hikes’

Friday July 14, 2017 10:24

Softer-than-expected U.S. economic data Friday “make it more likely that the Fed will kick the can down the road on rate hikes until later in the year,” says economists with CIBC. “Weak retailing numbers revealed that recent growth in household incomes and savings still aren’t translating into sales, while the miss on inflation suggests that the economy has yet to escape the current soft patch in consumer prices.” The government reported that retail sales fell 0.2% in June and the Consumer Price Index was unchanged.

By Allen Sykora of Kitco News; asykora@kitco.com

 

RBC’s Gero: Soft U.S. Economic Data Lift Gold

Friday July 14, 2017 10:24

Gold remains underpinned by a pair of softer-than-forecast major U.S. economic reports on Friday, says George Gero, managing director with RBC Wealth Management. The reports mean that the Federal Reserve can become less hawkish, he explains. Retail sales fell 0.2% in June, while the Consumer Price Index was flat. Should gold advance through key technical resistance, the $1,300-an-ounce area could come back in focus, Gero adds. “There are enough political, geopolitical and other fundamentals helping gold now,” he says. As of 10:10 a.m. EDT, Comex August gold was $11.90 higher to $1,229.20 an ounce.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.