Morning Snapshot: Gold remains defensive within recent range

USAGOLD/Peter Grant/06-30-17

Gold remains defensive within the range, heading into the pre-holiday weekend. U.S. markets will be open on Monday, July 3, although hours will be abbreviated. I suspect trading will be thin until Wednesday next week.

The greenback has caught a little bit of a bid, moving the dollar index of the the 8-month lows set yesterday. While dollar gains a likely only corrective in nature, it has applied a little additional pressure to gold.

Personal income for May rose 0.4%, just above expectations of 0.3%, but April was revised lower. PCE edged up 0.1%, in line with expectations. We’ll also hear FedSpeak from St. Louis Fed’s Bullard.

Manufacturing ISM for June and May construction spending will be reported during Monday’s holiday shortened session.

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