Morning Snapshot: Gold Ease Slightly Within Range

USAGOLD/Peter Grant/11-07-17

Gold is slightly lower today after yesterday’s late surge stalled shy of last week’s high at 1284.20. A breach of this level is needed to clear the way for renewed probes above $1300.

Continued dollar strength is helping to keep gold in check. The dollar index edged to a new 15-week high in overseas trading. Risk aversion associated with the Saudi corruption crackdown and President Trump’s trip to Asia are seen as underpinning the precious metals.

Silver gave back more than half of yesterday’s solid intraday gains overseas, but is back trading above $17 presently. The mid-October high at 17.41 is seen as key short-term resistance. Supports we’re watching at at 16.59 and 16.30.

Today’s economic calendar has JOLTs job openings for September, IBD/TIPP Economic Optimism Index and consumer credit. We’ll also hear FedSpeak from Janet Yellen and vice-chair Quarles.

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