Gold prices continued to move higher on Thursday as President Trump ramped up his rhetoric on North Korea. Softer than expected U.S. PPI failed to weigh
Gold prices continued to move higher on Thursday as President Trump ramped up his rhetoric on North Korea. Softer than expected U.S. PPI failed to weigh on the yellow metal. Prices are poised to test the June highs at 1,296, after hitting 1,287 on Thursday. Support is seen near the 10-day moving average at 1,267. Momentum remains positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward sloping trajectory which points to higher prices.
U.S. PPI dipped 0.1% in July on both the headline and core rates. Both are misses. There were no revisions to June’s 0.1% gains. Compared to last July, headline prices slowed to a 1.9% year over year pace from 2.0% year over year. The core rate slipped to 1.8% year over year from 1.9% year over year. Goods prices fell 0.1% after the prior 0.1% gain, with food prices flat from 0.6% previously, while energy declined 0.3% from June’s -0.5%.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.