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
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.
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.