Gold Rebounds After US Soft Economic Data

July 31, 2015 Share Print 0

Gold prices on Friday morning are posting a decent rebound from selling pressure that earlier this week drove prices to a 5.5-year low. Short covering in the futures market and bargain hunting in the cash market, on this last trading day of the week and of the month, are featured bullish inputs for gold and silver markets. The U.S. dollar index has also sold off sharply Friday morning, which is a bullish “outside market” factor for the precious metals markets. December gold was last up $8.80 an ounce at $1,097.50.

via Kitco

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Bio
Twitter
Google+
Latest Posts

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.