Gold: an overview of the market situation

Gold shows a slight increase in the correction after a three-day decline. In this case, the U.S. currency strengthened, as in an empty economic calendar remains of interest to U.S. traders. Recall that yesterday the U.S. issued a decent report on retail sales, and later head of the Federal Reserve Bank of Philadelphia's Plosser made a number of statements in which repeated that, in his opinion, the size of the QE program should be cut as early as next month. Both of these factors are positive for the USD, due to which today, in the absence of new drivers, steady bullish trend for the buck can be further developed.

At the same time, judging by the disappointing results of the German study, improvement in May, can not be expected, that is clearly a negative factor for the EUR. As the results of recent studies that have been presented today by the Institute of ZEW, this month the German economic expectations were generally stable, showing a slight increase, following a sharp decline in April, which likely indicates to curb the ongoing economic recession in the eurozone. According to the report, in May, the index of sentiment in the business environment has increased to the level of 36.4, compared to 36.3 points in April, which was significantly worse than the forecasts of experts at the level of 39.5.

The cost of the August gold futures on COMEX today rose to 1446.00 dollars an ounce.