Gold prices moved lower on Friday following stronger than expected inflation figures released by the Federal Reserve. The number helped buoy the dollar
Gold prices moved lower on Friday following stronger than expected inflation figures released by the Federal Reserve. The number helped buoy the dollar which lead to a decline in the price of the yellow metal.
Producer prices climbed by 0.2% month over month, but increased by a greater than expected 0.3% for core PPI which excludes food and energy. The hotter than expected number buoyed U.S. yields, allowing the dollar to gain and generating headwinds for gold.
Gold prices edged lower and faces resistance near the recent highs at $1,126. Support is seen near the 10-day moving average at $1,000. Momentum is positive with the MACD printing in the black with an upward sloping trajectory.
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.
