Mid-Session Gold Market Report
Fri 08 Mar 2013 16:35:00 CT
Related Keywords: Metals
April gold is trading sharply higher this morning and has taken back all of yesterday's losses and then some. Gold bounced after reaching a downside technical target yesterday and has since traded back to the upper end of the trading range it had establish following last week's break off of the FOMC meeting results. Sharply higher crude oil off of expectations for a sharp decline in Iranian oil exports and the weaker dollar are lending support to gold. New Home Sales in fell 1.6% in February to 313,000 from a downwardly revised 318,000 in January. This was a disappointment, as traders had been looking for an increase to around 330,000. The stock market broke hard on the report's release but has been working higher ever since and is now trading higher on the day. Sales of American Eagle gold coins fell to their lowest level since 2008 in February.

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