Gold News: Rising Out of the Ashes of Weak Economic Data
Gold News
In the latest gold news: As of July 17 at 9:05am EST, gold was trading at $1234.13 per ounce, marking the first weekly rise in over a month and hitting gold’s 2-week high. At approximately this time last week, gold was trading at $1209.59 per ounce.
Gold is up significantly after Friday’s economic data release on retail sales and inflation. Inflation rates did not change in June. Investors now believe that the pace at which the Fed has been raising interest rates will slow and that the Fed will perhaps not raise interest rates again in 2017 as expected. They believe that the Fed will not be able to unwind its $4.5 billion balance sheet based on the way the economy is performing.
In the 7 day gold prediction ending June 21, I Know First’s algorithm based on predictive analytics showed an impressive 100% accuracy rate, as seen in “Commodity Ranking Based on Deep-Learning: Returns up to 6.95% in 7 Days.” After one week, I Know First’s average percent change came out to 3.46% with both CL1 as the top earner, bringing in an impressive 6.95% return to short investors.
