Gold price pulls back as USDX, bond yields rise
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Global stock markets were mostly lower overnight. U.S. stock indexes are headed for weaker openings when the New York day session begins, on corrective pullbacks from recent strong gains. The S&P 500 stock index on Friday hit a two-month high and the Nasdaq index notched a six-week high. The S&P 500 is trending higher on the daily bar chart, to suggest that a market bottom is in place and that prices can continue to work sideways to higher in the near term.
The key outside markets today see Nymex crude oil prices weaker and trading around $88.00 a barrel. The U.S. dollar index is higher on a corrective bounce after hitting a nearly three-month low on Friday. The benchmark U.S. Treasury 10-year note yield is presently fetching 3.891%.
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