MarketPulse | Feb 27, 2017 02:40PM ET
Gold has posted slight gains in the Monday session. In North American trade, the spot price for one ounce is $1260.49. On the release front, it was a mixed day for US data. Core Durable Goods Orders declined 0.2%, short of the estimate of +0.5%. However, Durable Goods Orders jumped 1.8%, beating the forecast of 1.6%. Pending Home Sales disappointed with a sharp drop of 2.8%, compared to the estimate of a 1.1% gain. On Tuesday, the US publishes Preliminary GDP and CB Consumer Confidence. As well, President Trump will address a joint session of Congress.
As the US dollar struggles, gold prices continue to move higher. Gold prices have risen 1.9% since Wednesday, as the metal trades at highest level since November 2016. Monday’s weak numbers come on the heels of mixed numbers on Friday. Revised UoM Consumer Sentiment dropped to 96.3 in February, compared to 98.5 a month earlier. Still, this figure edged above the forecast of 96.1. In the housing sector, New Home Sales improved to 555 thousand in January, but this was well short of the forecast of 575 thousand.
Donald Trump can check off his first month in office, but it has been anything but smooth sailing. The new president has been involved in constant sparring with the media and continues to struggle trying to fill key cabinet positions. Trump will address Congress on Tuesday and the nation will be listening closely. Will we see the combative, outspoken Trump, or will he opt to tone it down and act in a conciliatory manner? In order to pass key legislation, Trump will have to make nice with lawmakers from both sides of the fence, and this speech would be an ideal time to offer a hand of cooperation rather than combat. The markets will be looking for some details about the administration’s economic plan – if Trump fails to deliver, market sentiment could sour, dragging down the US dollar.
h3 XAU/USD Fundamentals/h3Monday (February 27)
Tuesday (February 28)
*All release times are GMT
*Key events are in bold
XAU/USD for Monday, February 27, 2017
XAU/USD February 27 at 13:10 EST
Open: 1255.80 High: 1263.89 Low: 1253.36 Close: 1259.73
XAU/USD Technicals
S3 | S2 | S1 | R1 | R2 | R3 |
1174 | 1199 | 1232 | 1260 | 1285 | 1307 |
Further levels in both directions:
OANDA’s Open Positions Ratio
XAU/USD ratio is showing long positions with a majority (57%), indicative of trader bias towards XAU/USD continuing its rally.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.