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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Investing.com – Gold prices bounced off five-month lows on Wednesday, as the U.S. dollar weakened after tepid U.S. inflation data and ahead of the Federal Reserve’s policy decision due later in.

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 [.]