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GOLD: Gold On Track for Strong Week Despite Monday’s Losses. 

GOLD
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  • A softer USD overnight arose from US economic data missing estimates.
  • US fourth quarter GDP rose at +2.3%, down from +3.1% in the previous quarter and missing estimates of +2.6% suggesting rate hikes could be on the cards, causing bond yields to rally and the USD to fall.
  • This created a near perfect scenario for Gold and it rallied accordingly, up over 1% on the day to fully wipe out Monday’s losses. 
  • Starting the day at US$2,793.84, gold did very little prior to the data release before rallying hard to a high of $2,798.58, before closing at $2,793.84, before edging up to $2,796.34.
  • Gold got off to a poor start this week but finished strong and is on track to finish +0.90% higher.
  • The data is somewhat in opposition to the views from the FED yesterday when they held rates steady, indicating that they could be on hold for some time.
  • Like most commodities, gold traders will watch closely for news on whether tariffs will be levied on Canada in the coming days. 
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  • A softer USD overnight arose from US economic data missing estimates.
  • US fourth quarter GDP rose at +2.3%, down from +3.1% in the previous quarter and missing estimates of +2.6% suggesting rate hikes could be on the cards, causing bond yields to rally and the USD to fall.
  • This created a near perfect scenario for Gold and it rallied accordingly, up over 1% on the day to fully wipe out Monday’s losses. 
  • Starting the day at US$2,793.84, gold did very little prior to the data release before rallying hard to a high of $2,798.58, before closing at $2,793.84, before edging up to $2,796.34.
  • Gold got off to a poor start this week but finished strong and is on track to finish +0.90% higher.
  • The data is somewhat in opposition to the views from the FED yesterday when they held rates steady, indicating that they could be on hold for some time.
  • Like most commodities, gold traders will watch closely for news on whether tariffs will be levied on Canada in the coming days.