Gold was choppy last night, trading either side of unchanged in a relatively narrow range of $1322.65 - $1328.65.
It continued to fade movements in the US Dollar, which spiked a couple of times north of 91 to reach 91.08 – a fresh 3-month high.
A weaker German IFO report that softened the euro ($1.2224 - $1.2182) helped boost the greenback.
Gold, however, was well supported at the quadruple bottom at $1321-23 and failed to weaken further.
Gold also withstood pressure from firming global equities (NIKKEI rose 0.9%, the SCI added 0.2%, European shares were unch to +0.2%, and S&P futures were +0.4%), and a bounce back in the US 10-year yield from 2.957% to 2.99%.
After the NY open, stronger than expected reports on the Case-Shiller 20-City Home Price Index (0.83% vs. exp. 0.70%), New Home Sales (694k vs. exp. 630k), and Consumer Confidence (128.7 vs. exp. 126) failed to lift the DX above its overnight highs, as did a foray over the 3% level in the US 10-year yield (3.003% - fresh 4-year high).
A pullback in US stocks (S&P -8 to 2661, despite oil reaching $69.38, tensions between Saudis and Yemen) led by losses in Alphabet and 3M weighed on the dollar.
Gold traded higher, and found some light stops beyond the overnight high at $1329 to reach $1330.80 by late morning.
Near mid-day, some calming remarks from Trump on...
- Iran - US could have a deal with Iran through visiting French President Macron
- China – Mnuchin going to China within days to negotiate trade disputes
- North Korea – wants meeting as soon as possible, praises Kim Jong Un as very open and honorable
...took US stocks off...