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Gold, Silver, U.S. Dollar, U.S. Economy

Dollar falls, Euro Rises To 2-week High, Gold slips, Silver Immune to it All

The dollar extended losses slightly and Treasury prices remained under pressure on Monday after a report from the National Association of Homebuilders/Wells Fargo showed confidence remained stuck at very low levels this month. The dollar index /quotes/zigman/1652083 DXY -0.91% , which measures the performance of the greenback against a basket of six currencies, fell to 73.863, from 73.948 before the data and compared to 74.594 late Friday. The euro rose to $1.4444, versus $1.4428, from $1.4251 late last week. Yields on 10-year notes /quotes/zigman/4868283 10_YEAR -0.44% , which move inversely to prices, rose 1 basis point to 2.27%.

Extending its previous session’s uptrend, the European currency touched a 2-week high of 1.4419 against the US dollar around 9:30 am ET Monday. A symmetrical triangle is formed in the daily chart of the euro-greenback pair and a possible breakout is about to occur around the 1.4460 level. The pair is presently trading at 1.4410.

Over the weekend, gold slipped a little to $1,735 ahead of London’s opening.   The euro was stronger at $1.43: €1, but these days that only means that the euro is not falling as fast as the dollar.   In the euro the gold price was €1,212.65.   The Swiss Franc has been successfully weakened back to 0.7951 from its recent peak at 0.7296.

Today saw the gold price Fixed at $1,738.00 [$2 down on Friday’s Fix ] and in the euro at €1,214.11 [€5 down on Friday].   Ahead of New York, the gold price was holding around the Fixing prices and the euro weakening against the dollar to 1.4293.

Silver was Fixed at $39.18 and holding around $39.10 ahead of New York’s opening. Silver is immune to gold’s movements right now.



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