Macro picture is “terrible,” so where is gold price’s momentum? - Phil Streible

Macroeconomic data is weak across the board, but more gold prices are still lacking a major tailwind, said Phil Streible, Senior Market Strategist pf RJO Futures.

“We could quickly see things turn worse, we could see the equity markets break down fast. The macro picture, like I said, is terrible. It’d be interesting to see how the Federal Reserve…if they aggressively cut rates, then gold could do it, but it’s going to take a lot more momentum behind it,” Streible told Kitco News.

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Name Last Change
DOW 28004.90 0.80%
S&P 500 3120.45 0.76%
NASDAQ 8540.83 0.72%
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TSX-V 528.54 0.00%

Resource Commodities

Name Last Change
Gold 1469.11 0.02%
Silver 16.96 0.06%
Copper 2.64 2.635
Platinum 901.00 0.67%
Oil 57.72 1.65%
Natural Gas 2.69 1.53%
Uranium 25.03 0.32%

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