Gold Lower As Economic Data Stacks Up

Gold prices nudged lower Tuesday, but there was little sign that prices would break out of their narrow range ahead of a busy week of economic reports.

At last check, gold for June delivery  was down $5.10 to $1,268.60 an ounce. July silver  lost 11 cents to $19.31 an ounce.

Gold prices ended last week with a slight loss, though they never strayed too far away from that key $1,300 level.

Alastair McCaig of IG Markets says that as long as gold continues to hold steady at these prices, he’ll remain a bull.

“Gold’s lethargic move sideways continues as it desperately needs some stimulus to break it out of its slumber,” he said. “I have been saying for over a week that unless gold was to close below the $1,278 level, I would remain long of the precious metal. Nothing since has given me reason to change that stance.”

Investors will have plenty of economic data to chew on throughout the week, starting with durable goods, the FHFA price index and the S&P/Case-Shiller price index all before Tuesday’s opening bell. Then, after that, consumer confidence numbers, as well as manufacturing data from the Richmond Fed and the Dallas Fed will be released.

Elsewhere in metals trading, platinum for July delivery  added $3.30 to $1,476.10 an ounce, while June palladium  rose $1.55 to $833 an ounce. High-grade copper for July delivery was flat at $3.17 a pound.

Source : Marketwatch