Fri 04 May 2012 11:06:00 CT
After forging a fresh new low for the move early overnight, gold was generally able to recover into the 9:00 AM time frame. However, dialogue regarding the data today doesn't seem to have prompted wide spread anticipation of fresh near term easing from the Fed. With the dollar clawing its way back into positive territory just ahead of mid session, it is possible that currency related market influences actually prompted the 9:00 AM peak in June gold prices this morning. With a sharp slide in energy prices and noted weakness in equities, the fear of deflation might have taken a front seat again. At least in the short term, slowing economic evidence looks to pressure gold prices until the trade gets something definitive from the US Fed or from the PBOC.
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