Durable goods order raised tapering questions again
Precious metal has topped its psychological level of $1400 and if this move can continue any further depends on some important fundaments. Bad news is a good news phenomena which has been the theme for the shining metal failed to astound investors yesterday. The final reading for the US durable goods which showed a decline of 7.3% was so dreadful that investors are even more confused where they stand on the tapering agenda and started to question the recovery in Q3. However, if the tapering will have any meaningful impact due to the dreadful durable goods number, is still a question, given that this economic data has a tendency to be extremely volatile.