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MTECHTIPS;-Gold futures edge higher, gains limited by Fed QE doubts
Gold futures edged higher in rangebound trade on Wednesday, but gains were limited as investors continued to weigh the need for further stimulus in the U.S. following the release of upbeat economic data on Tuesday.Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,386.55 a troy ounce during European morning hours, up 0.5% on the day .Comex gold prices held in a tight USD10-range between USD1,379.65 a troy ounce, the daily low and a session high of USD1,389.65 a troy ounce.Gold futures were likely to find support at USD1,337.85 a troy ounce, the low from May 20 and resistance at USD1,413.05, the high from May 22.Gold prices came under pressure on Tuesday after data showed that U.S. consumer confidence rose to the highest level since February 2008 in the current month.The Conference Board said its index of consumer confidence rose to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0.A separate report showed that the Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, the biggest increase since April 2006.The robust data boosted expectations that the Federal Reserve will wind down its USD85 billion-a-month asset purchase program later this year.
WWW.MTECHTIPS.COM
07489294118-119
Gold futures edged higher in rangebound trade on Wednesday, but gains were limited as investors continued to weigh the need for further stimulus in the U.S. following the release of upbeat economic data on Tuesday.Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,386.55 a troy ounce during European morning hours, up 0.5% on the day .Comex gold prices held in a tight USD10-range between USD1,379.65 a troy ounce, the daily low and a session high of USD1,389.65 a troy ounce.Gold futures were likely to find support at USD1,337.85 a troy ounce, the low from May 20 and resistance at USD1,413.05, the high from May 22.Gold prices came under pressure on Tuesday after data showed that U.S. consumer confidence rose to the highest level since February 2008 in the current month.The Conference Board said its index of consumer confidence rose to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0.A separate report showed that the Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, the biggest increase since April 2006.The robust data boosted expectations that the Federal Reserve will wind down its USD85 billion-a-month asset purchase program later this year.
WWW.MTECHTIPS.COM
07489294118-119
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