Gold Prices Bounce On Fed Speak, Weaker USDX, US Stocks

To counter the notion of complete risk-off: Gold has caught a bid, to trade at $US1227, or thereabouts, with its rally attributable largely to a modestly weaker greenback. down 0.51 per cent. A.

Gold Prices Bounce On Fed Speak, Weaker USDX, US Stocks May 22, 2019 / Gold News / By swanmounting (Kitco News) – Gold prices are moderately up in early-morning U.S. trading Wednesday.

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In addition to the potential bear market in stocks, a weaker dollar could also act as a major catalyst for higher gold. The dollar index is seeing a bit of a rebound today after flirting with the $96 level yesterday. A breakdown below $96 on a closing level could set the stage for a fresh and significant leg lower that could in turn keep a.

-Gold prices are moderately up in early-morning U.S. trading Wednesday. Dips in the U.S. dollar index and the U.S. stock market at mid-week are providing a bit of support for the safe-haven metals. Some "Fed speak" overnight also aided the metals market bulls. June gold futures were last up $3.30 an ounce at $1,276.50.

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The 10-year yield turned up slightly to 2.536%, and the DX had a modest bounce to 97.62. Gold came off its highs, but found support at $1279. Later in the afternoon, US stocks trimmed some gains (S&P +28 to 2945), despite more dovish Fed speak from Kaplan (inflation to remain muted, technology and globalization sap pricing power from businesses).

Gold’s price is in a strong uptrend over a year old, high in both its current upleg and young bull market. Gold isn’t far from breaking out to its best levels since September 2013, a really big deal. The stock markets even finally sold off after years of unnatural calm. Yet traders are still down on gold.

Gold futures prices are moderately higher Wednesday, on a corrective rebound following the strong losses tuesday. prices hit a 3.5-month low overnight. Near-term technical damage has now been inflicted to suggest prices will continue to drift sideways to lower for at least the near term. December Comex gold was last up $8.70 an ounce at [.]