All eyes on the G20 meeting of the Finance Misters and Central Bank Governors which starts today in Germany.
Ahead of the G20 meeting, some European leaders have expressed concerns about the Trump administration plans for removal of some regulations which they see necessary for global banking stability.
Representing the U.S. for the first time will be President Trump’s handpicked Treasury Secretary Steven Mnuchin, who is expected to put pressure on some countries to increase the value of their currencies. The Treasury Secretary is carrying a message from our President that countries that export to the U.S. must stop their practice of keeping their currencies weak against the dollar for their own gains which in turn gives them an unfair trading advantage.
Data here in the states released today at 9:15 is industrial production and capacity utilization and followed at 10 am by consumer sentiment and leading indicators. Unless some surprises are revealed, I expect the price of gold to be pretty steady ahead of the news out of the G20 meetings today and over the weekend.
A mixed bag of items to share this morning. The dollar showing modest gains and the U.S. ten-year treasury bond yields are off slightly. The Gold ETFs saw small redemptions.
Far East gold traders, as well as our Wall Street Gold traders, indicate that at this point they have little interest in putting on any positions. Most have indicated they will wait for some news and direction in the price before jumping back in.
So the price of Gold just sits in limbo until some news emerges as traders and investors await patiently for any indication of which way gold will be headed next.
For those following the technical levels, the gold resistance levels are at $1,234 and $1,248, while silver is at $17.48 and $17.72.
Have a wonderful Friday.
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