Gold Continues To Weak Because US Data Raises Risk Assets
The safe-haven status of gold during the US session on Tuesday (25/6) and in Asian morning trade Wednesday (26/6), slightly lower following some positive US data.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery fell 0.16% to USD1,273.05 an ounce in Asian trading Wednesday after settling down 0.07% at USD1,276.15 a troy ounce in US trade on Tuesday.
Gold futures are likely to find support at USD1,268.75 a troy ounce and resistance at USD1,300.55.
Well if we review a comment last week from Federal Reserve Chairman Ben Bernanke about the possible abandonment of a $ 85 billion asset purchase program by the central bank continues to exacerbate commodity prices, especially after US data last night was positive enough to depress gold prices.
In US economic news released on Tuesday, S & amp; P / Case-Shiller Index house prices in 20 US metro areas rose 12.1% in April. The index of 10 cities rose 11.6%. All 20 cities are positive for the fourth month in a row. Atlanta, Dallas, Detroit and Minneapolis have the greatest year-to-year profits.
The Commerce Department said new home sales rose 2.1% to a seasonally adjusted annual rate of 476,000 units - the highest level in nearly five years. Estimates new home sales rose to 462,000 units in May. Sales are up 29% year on year.
US consumer confidence rose to 81.4 in June, easily beating the reading of 75 economists expected. The reading of May is 74.3.
Elsewhere, Comex silver for July delivery edged down 0.01% to USD19.550 an ounce after the iShares Silver Trust, ETF's largest physically-backed silver, experienced its biggest single-day out on Monday. Copper for July delivery rose 0.10% to USD3.070 an ounce. (Ibrahim)