Gold Boosted By Weak U.S. Economic Data

KitcoNews/Jim Wyckoff/07-14-17

Gold prices have popped higher in the immediate aftermath of a downbeat U.S. retail sales report that lands on the side of the U.S. monetary policy doves, who don’t want the Federal Reserve to further raise interest rates any time soon. If the gold market can close at a technically bullish weekly high close today (Friday), such would be an early chart clue that a market bottom is in place. August Comex gold was last up $10.70 an ounce at $1,228.10. September Comex silver was last up $0.209 at $15.89 an ounce.

…Meantime, the U.S. dollar index is lower early today, pressured by the weak U.S. economic data. The greenback bears have the firm near-term technical advantage amid a solid price downtrend.

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