Gold Price Crashes $20 in 1 Minute
Today in our fundamental analysis: Today is another quiet day in terms of data releases. Fed’s Williams (non-voter, neutral) will speak this morning and later today it is time for US consumer confidence for June.
- Commodity currencies including CAD, AUD and NZD have been trading broadly higher since the start of the week. Meanwhile, JPY and CHF are the weakest ones.
- Gold undoubtedly was the biggest mover of the past 2 days. The yellow metal crashed $20 in a minute from $1256 to $1236 for no apparent reason. Today, GOLD recovered most of the losses as it trading at $1251 at the time of writing.
- U.S. data on Monday gave investors reason to be cautious about buying the dollar. New orders for durable goods unexpectedly fell in May, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter.
- Crude prices which have recently weighed on equities, were trading a bit higher Monday as gold prices settled, while global and U.S. stocks headed mostly higher.
- DOW jumped to 21506.21 overnight but failed to break its recent historical high at 21503.03. The index closed just 0.07% higher at 21409.55 after paring initial gains. S&P 500 also rose a mere 0.03% to close at 2439.07, but NASDAQ lost -0.29% to close at 6247.15.
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