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  • Price of Gold Fundamental Weekly Forecast – Will Cyber-attacks Become New Catalyst for Rally?



    Gold futures finished slightly higher last week after falling to its lowest level since March 15 in a lackluster trade as bullish investors searched for the next major catalyst to drive up speculative demand.
    June Comex Gold settled the week at $1227.70, up $0.80 or +0.07%.
    Gold prices were under pressure early in the week after the outcome of the French presidential election was released. The victory by Emmanuel Macron triggered the sell-off after speculators, betting on an upset win by right-wing candidate Marine Le Pen, liquidated their positions. A stronger U.S. Dollar, rising Treasury yields and firm U.S. equity markets also helped put a lid on any rallies.
    Gold bottomed for the week at $1214.30 on May 9 and inched higher the remainder of the week on concerns about a possible North Korea missile test and the abrupt firing of FBI Director James Comey by President Donald Trump. Weaker-than-expected U.S. economic data also helped support gold prices late in the week.
    In economic news, the good news for the U.S. economy was higher than expected producer inflation data and better-than-expected weekly unemployment claims.
    Gold prices were supported by weaker-than-expected consumer inflation and retail sales. The best support was provided by the retail sales number because it raised concerns about the number of possible rate hikes by the Fed in 2017.


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