Gold News: Awaiting the Fed Minutes and Job Data
In the latest gold news: As of April 3 at 9:03 am EST, gold was up to trading at $1246.79, down from trading at $1258.07 at approximately this time last week, and following two consecutive weeks of gains for the bullion. With the first quarter of 2017 behind, gold experienced its best quarter in the last year.
On Friday, economic data was revealed and was not as strong as would have been hoped for. This sent the dollar down and in early Monday trading, the price of gold up. However, this week the Fed will be releasing minutes from their meeting where they announced the interest rate hikes and will release the job reports as well. With that, investors are waiting to see the level of expectations for another interest rate hike come June.
An additional factor that could help out gold down the line, is Trump’s idea of potentially using trade as leverage with China in an attempt to force China into solidarity with the US against North Korea.
In the 14-day gold prediction ending March 31st, I Know First’s algorithm showed an impressive 100% accuracy rate, as seen in “Gold Forecast Based on Algo Trading: Returns up to 1.70% in 14 Days”. After 2 weeks, I Know First’s average percent change came out to 1.70% with both GLD and XAU as the top earners each bringing in an impressive 1.70% return to investors.