Gold Unchanged After US GDP

February 27, 2015 Share Print 0

Gold prices are not straying far from unchanged levels in early U.S. trading Friday. The key economic report out on this day is the second estimate to the fourth-quarter U.S. gross domestic product. The figure came in at up 2.2%, which is slightly better than expectations. The market place consensus was for a reading of up 2.0% versus the initial estimate of up 2.6%. The market place paid little attention to the report. April Comex gold was last down $0.50 at $1,209.90 an ounce. May Comex silver was last down $0.129 at $16.495 an ounce.

The key “outside markets” are in a bullish posture for the precious metals Friday morning, as the U.S. dollar index is lower and crude oil prices are higher. However, the overall technical posture of the dollar index remains bullish, while the overall chart posture for crude oil is still bearish.

In overnight news, Federal Reserve Bank of Atlanta president Dennis Lockhart told the Wall Street Journal that the June FOMC meeting and ones thereafter this year will find the door open to an interest rate increase from the Fed. Lockhart is a voting member of the FOMC.

Friday is the last trading day of the week and of the month, which makes it an extra important trading day, from a technical perspective. Weekly or monthly high or low closes on the last trading day of those periods are technically significant for a market.

via Kitco

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.