Why Gold Fell So Hard on Monday
What’s in Today’s Report:
- New ETFs for Your Watchlist (Monthly Update)
- Why Gold Fell So Hard on Monday
Futures are little changed as markets digest more mixed headlines on U.S./Iran ceasefire talks.
Geopolitically, President Trump denied Monday’s “sanction relief for nuclear concessions” headlines, but negotiations appear on going in some form (which is positive).
Geopolitics will remain the primary market driver today and any positive headlines on a ceasefire should pressure oil and help stocks rebound.
Economically, reports today include the Case-Shiller Home Price Index (E: 2.1%), FHFA House Price Index (E: 2.4%) and Consumer Confidence (E: 90.0) but they’re unlikely to move markets, barring a major surprise.
We do have a lot of Fed speakers today and of them, Williams (2:00 p.m. ET) and Waller (3:00 p.m. ET) are the most important. Other Fed speakers today include Bowman (11:00 a.m. ET), Barr (12:40 p.m. ET), Goolsbee (1:00 p.m. ET) and Musalem (1:30 p.m. ET). Bottom line, if the tone from Fed speakers remains hawkish that will help support the dollar and yields.
Finally, there are two consumer-focused companies reporting today, CCL ($1.36) and KMX ($0.68) and the stronger the reports, the better.
