Market Commentary – December 23, 2014 Gold appeared to have all the indications of entering into Christmas slumber today with the market range bound and capped by a positive GDP number and another record setting day in the equity markets. Gold opened at $1177 in the Far East and initially moved to the intraday low of $1172.75 before moving higher on some light bargain hunting, rising to the day high of $1184.25. Gold drifted lower through the European hours, falling to $1176 at the New York open. Quiet conditions prevailed throughout the day. New York first jumped to $1180 on a weak Durable Goods Number of -0.7% (cons. 3.1%). However, everything quickly reversed on the surprisingly strong GDP release of +5.0% (cons. +4.3%). On this news the U.S. Dollar rallied and the equities moved sharply higher. Gold slipped lower to $1175 and remained limited in a narrow range of $1175 - $1179 for most of the day. A modest late day selloff pushed gold to $1173.50 late in the day, but gold recovered to finish basically unchanged at $1176.75 in thin trading and holiday volume. Expect the same or lighter volume tomorrow as many people opt for an early exit ahead of the Christmas holiday. Tomorrow brings the lone major report: 8:30am -- Jobless Claims – cons. - 290K Michael Mikolay Disclaimer – Statements of news and current events on this web site, and financial, economic, political and market information on this web site (individually and collectively “Content”) are not intended to and do not constitute investment advice and are not intended to and do not constitute a prediction of the future course of the economy or the market for precious metals. The accuracy, completeness, adequacy or currency of the Content is not warranted or guaranteed in any way. Your use of Content on this web site or materials linked from this web site is at your own risk.
Posted on: Tue, 23 Dec 2014 22:25:19 +0000
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