This morning, the S&P 500 Index e-mini futures (ES-U3) are trading higher by just 0.50 points to 1689.25 per contract. Recently, the Monday trading sessions have had very light volume so this could help to keep the major stock indexes buoyant today. The one negative that should be pointed out today is that the U.S. Dollar Index (DX-U3) is weak before the opening bell. The important USD/JPY is also falling today and this will usually hurt the U.S. stock market. Remember, the market moving institutions care about two things at this time, lower bond yields and a weak Japanese Yen.
Gold is soaring higher this morning by $29.20 to $13.22 an ounce. The catalyst for higher gold is certainly the weaker U.S. Dollar and the strong Japanese Yen. Traders should watch for early strength in many of the leading gold and gold mining equities. Some gold related equities that are likely to be higher ahead of the opening bell include Deutsche Bank AG DB Gold Double Long ETN (DGP), SPDR Gold Trust (ETF) (GLD), and Market Vectors Gold Miners ETF (GDX).
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Gold Shines Again As U.S. Dollar Slumps
Published 07/22/2013, 03:43 PM
Updated 07/09/2023, 06:31 AM
Gold Shines Again As U.S. Dollar Slumps
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