For the first time since 2011, spot gold has topped $1900, hitting an intra-day high of $1906.35. Gold futures in the December contract traded above $1900, starting on Wednesday, hitting an intra-day high of 1933.60 today. On a weekly level, gold will post its seventh consecutive week of gains with a weekly increase of +4.8% The move higher has been attributed to a US new home sales beat with US new home sales rising 13.8% in June versus an expected 4% increase for the month. The May numbers were also upwardly revised to 19.4% advance. New home sales were at a seasonally adjusted annualized rate of 776,000 homes in June, the US Commerce Department said on Friday. May's sales were revised up to a rate of 682,000 units. The market consensus called for sales to advance to 700,000 units in June. On an annual basis, new home sales were up 6.9% from last year's estimate of 726,000 units. Looking at home prices, the report said that the median sales price for homes sold last month was $329,200, while the average price was $384,700. The inventory of houses for sale as of the end of June was at 307,000, representing a 4.7-month supply at the current sales rate. The major indexes are struggling to make up ground at the end of the week with all three indexes posting weekly losses. The S&P 500 will lose roughly -.5%. The DOW stands to lose somewhere around -.7%, and as a weakness to continue to enter the tech sector, the NASDAQ will post a weekly loss standing near -1.6%. The US dollar continues to be put under pressure losing -1.6% on the weekly extending its weekly loss streak to five weeks. Bitcoin, on the other hand, has seen a recent increase in trading volume triggering a new green weekly Trade Triangle at 9479.57 with a weekly gain of +4.3%. Key Levels To Next Week: S&P 500 (CME:SP500): 3,115.70 Dow (INDEX:DJI): 25,523.51 NASDAQ (NASDAQ:COMP): 10,182.46 U.S. Dollar (ICE:DX): 97.19 Gold (NYMEX_GC.Z20): 1,892.40 Crude Oil (NYMEX:CL.U20): 42.00 Bitcoin (BITCOIN:BITSTAMPUSD): 8,905.00
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