Just a few more Push-Ups works for me! Setting my target soon (have one in mind might be 22.50's), if there is an extreme about-face, I'll sell for a 2017 loss...
Gold eases a touch from 2-month high as dollar steadies MARKETWATCH 6:57 AM ET 1/18/2017 Symbol Last Price Change GLD 115.85 0 (0%) SLV 16.28 0 (0%) GDX 23.36 0 (0%) QUOTES AS OF 08:00:00 PM ET 01/17/2017 Consumer price data is on tap
Gold prices pulled back only slightly early Wednesday from a finish on Tuesday at their highest level since mid- November as dollar sellers came up for air.
Gold for February delivery eased 60 cents, or 0.1%, to $1,212.30. The contract settled the previous session at $ 1,212.90 an ounce after trading as high as $1,218.90.
Silver for March delivery fell less than a cent, or 0.1%, to $17.14 an ounce. The ICE U.S. Dollar Index , which was hammered a day earlier following comments from President-elect Donald Trump, was trading up 0.4% Wednesday. Gold and the dollar typically move inversely since a richer greenback cuts demand for the dollar-priced metal from buyers using other currencies.
In an interview with The Wall Street Journal on Friday, Trump said the dollar, which touched a more than 14-year high about two weeks ago, has gotten "too strong," as China keeps its own yuan weaker. He said the dollar's strength is impeding the competitiveness of U.S. companies.
Read:Trump is waving adios to the longstanding 'strong dollar policy' (http://www.marketwatch.com/story/trump-is- waving-adios-to-the-longstanding-strong-dollar-policy-2017-01-17)
Don't miss:Gold has a lot going for it this year -- and it's not only because of Trump (http://www.marketwatch.com/ story/gold-has-a-lot-going-for-it-this-year-and-its-not-only-because-of-trump-2017-01-18)
"The newswires were quick to attribute the move to comments from [Trump], who said the greenback is 'too strong' ... In fact, it started some time earlier and seems to mark the return of 'Trump trade' unwinding as the dominant market theme after it had been briefly overshadowed by 'hard Brexit' fears at the start of the week," said Ilya Spivak, currency strategist with Daily FX. On Tuesday, British Prime Minister Theresa May said the U.K. would move ahead to vote on a clean cut with the European Union (http://www.marketwatch.com/story/uk-leader-theresa-mays-plan-for-brexit-text-of- her-speech-in-full-2017-01-17) but hoped to negotiate trade deals.
Economic data and Federal Reserve chatter could keep financial markets busy ahead of the U.S. presidential inauguration on Friday.
On tap today: readings on consumer prices at 8:30 a.m. Eastern Time, and on industrial production and capacity utilization at 9:15 a.m. Eastern, all for December. The National Association of Homebuilders's housing market index for January follows at 10 a.m. Eastern, while the Fed's Beige Book is due at 2 p.m. Eastern.
The consumer prices report should be closely watched. Economists polled by MarketWatch are forecasting a monthly rise of 0.2% for core inflation and 0.3% for headline inflation.
"A similar upside surprise this time around may echo December's strong wage growth data, rekindling Fed rate-hike speculation and weighing on gold," said Spivak. Nonyielding gold tends to fall out of favor in a rising-rate climate.
Investors will also be watching a speech from Fed Chairwoman Yellen on the goals of monetary policy, due at 3 p.m. Eastern Time. Ahead of that, Minneapolis Fed President Neel Kashkari will make an economic-themed speech at 11 a.m. Eastern.
In ETF trading, the SPDR Gold Trust(GLD) rose 1.4% premarket, the iShares Silver Trust(SLV) added 2% and the VanEck Vectors Gold Miners ETF(GDX) gained 2.7%.
Read:Gold prices could soar if Donald Trump says any one of these five things (http://www.marketwatch.com/story/gold- prices-could-soar-if-donald-trump-says-any-one-of-these-five-things-2017-01-18)
-Rachel Koning Beals; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires 01-18-170657ET Copyright (c) 2017 Dow Jones & Company, Inc.
Gold deepens decline as global interest- rate differential in focus MARKETWATCH 9:01 AM ET 1/19/2017 Symbol Last Price Change GLD 113.99 -0.88 (-0.77%) SLV 15.8899 -0.3001 (-1.85%) GDX 22.5799down -0.4301 (-1.87%) QUOTES AS OF 09:59:45 AM ET 01/19/2017 Fed's Yellen strikes a more-hawkish stance in market's view; ECB stands pat
Gold fell for a second straight session Thursday as the dollar gained in the wake inaction on interest rates, as expected, from the European Central Bank and relatively hawkish comments from Federal Reserve head Janet Yellen.
Gold for February delivery fell $10.60, or 0.9%, to $1,201.60 an ounce, with the yellow metal holding lower after the ECB released its policy statement. Gold retreated on Wednesday as well, but the contract had climbed 1.4% Tuesday to settle at its highest level since Nov. 17, according to FactSet data.
Meanwhile, March silver unraveled by 40 cents, or 2.3%, to $16.87 an ounce.
The ICE U.S. Dollar Index , meanwhile, gained 0.4%. Gold and the dollar typically inversely because a stronger greenback can erode demand by making assets pegged to the buck, including metals, more expensive to buyers using other monetary units.
As for European policy, the inaction comes as the ECB last month decided to extend its bond-buying program through the end of 2017. In postmeeting comments, the ECB's Mario Draghi said he's ready to expand quantitative easing to boost the economy if needed.
The U.S. dollar began to climb on Wednesday after Yellen said she expects Fed-controlled interest rates to rise "a few times a year" through 2019 (http://www.marketwatch.com/story/feds-yellen-says-she-expects-rates-to-rise-a-few-times-a- year-until-end-of-2019-2017-01-18). She also said the central bank was nearing its goals for inflation and employment and that it "makes sense" to reduce the central bank's level of monetary support. Higher interest rates tend to dull demand for gold which doesn't bear a yield.
The Fed's stance contrasts with central banks elsewhere, including the ECB.
Currency and moves in metals have been relatively limited as investors show caution ahead of President-elect Donald Trump's inauguration scheduled for Friday, especially after Trump recently suggested he favored a weaker dollar.
Read:Trump is waving adios to the longstanding 'strong dollar policy' (http://www.marketwatch.com/story/trump-is- waving-adios-to-the-longstanding-strong-dollar-policy-2017-01-17)
"One must be fully cognizant that the uncertainty surrounding this new administration will continue at least until inauguration. And even though that is [not far] away, it will be the first seven days, [and then] the first 30 days of a new Trump administration before we are able to see what transformations and policies will be implemented, as well as a much clearer timeline as to how these new policies and programs will unfold," said Gary Wagner of Thegoldforecast.com.
The dollar had rallied and gold wavered in the immediate wake of Trump's election win on speculation he would usher in potentially inflationary pro-growth policies. The dollar rally, to a 14-year high at one point, then faded and gold rebounded as the market grew weary waiting on details.
Read:Gold prices could soar if Donald Trump says any one of these five things (http://www.marketwatch.com/story/gold- prices-could-soar-if-donald-trump-says-any-one-of-these-five-things-2017-01-18)
In ETF trading, the SPDR Gold Trust(GLD) fell 0.2%, the iShares Silver Trust(SLV) shed 0.7% and the VanEck Vectors Gold Miners ETF(GDX) lost 0.7%.
-Rachel Koning Beals; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires 01-19-170901ET Copyright (c) 2017 Dow Jones & Company, Inc.
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