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David Becker
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Gold

Stronger than expected import prices buoyed the dollar paving the way for lower gold prices on Tuesday.  Prices were able to hold support near the 10-day moving average near 1,286, with additional support seen near the 100-day moving average at 1,275.  Positive momentum is decelerating as the MACD (moving average convergence divergence) histogram is edging lower with a downward sloping trajectory which points to consolidation.

Import Prices Move Higher in September

U.S. import prices climbed 0.7% in September, with export prices up 0.8%. There was no revisions to the 0.6% gain in August import prices, but the 0.6% export price increase was nudged up to 0.7%. Compared to a year ago, import prices accelerated to a 2.7% year over year pace versus 2.1% year over year in August, while export prices rose to a 2.9% year over year rate versus 2.4% year over year.

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