US Data & Need for Fed Clarification Send Gold Futures Soaring

Gold futures have blasted-off today reportedly once mixed domestic data highlighted uncertainty with the Federal Reserves timing of their next rate hike. Gold futures are up $22.40 per ounce currently trading at $1,153.90 at the New York Commodity Exchange.

The US Commerce and Labor Departments both released information such as initial jobless claims, durable goods orders (and “core” durable goods orders), orders & shipments for core capital goods, which came in outside analysts projections, but also revisions from previous reports were eye-openers for the gold trade. Later today, the Federal Reserves Chairwoman will be delivering a speech that investors will be listening to that may provide clarity on last week’s decision to keep interest-rates steady.

The trend for gold has been back and forth with big swings in the past month, and is now at a crossroad to switch back up. Gold futures will require a little more action to the upside to change the direction to up in my work, however.

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