In overnight news, Asian stocks rallied on the renewed hopes for a U.S. monetary stimulus package.
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That followed the European Union announcing its own fresh monetary stimulus package the week before.
At the press conference by Draghi, he is expected by many to announce a fresh monetary stimulus package.
FORBES: Comex Gold Near Steady in Wake of No ECB Rate Cut; Draghi Press Conf. Awaited
The ECB is expected by many to announce a fresh monetary stimulus package.
FORBES: Comex Gold Ends Moderately Lower as FOMC Produces No QE3
The market place had a slight bias that the Fed would announce QE3, or some sort of fresh monetary stimulus package, on Thursday.
FORBES: Comex Gold Powers to 6-Mo. High on QE3 from U.S. Federal Reserve
The market place has a slight bias that the Fed will announce QE3, or some sort of fresh monetary stimulus package, on Thursday.
FORBES: Gold Near Steady as Market Place Awaits FOMC Results, Bernanke Press Conference
The bullish weekly CCI chart meshes with the bullish fundamental news on Thursday, in which the U.S. Federal Reserve unveiled a fresh monetary stimulus package-nicknamed QE3.
Fundamentally, notions of a fresh U.S. monetary stimulus package from the Federal Reserve in the coming weeks or few months will likely limit the upside for the dollar index.
Presently, many veteran market watchers, including this one, reckon odds are 50-50, or just a bit higher, that the Fed will announce a fresh monetary stimulus package at Jackson Hole, or at the FOMC meeting in September.
FORBES: Gold Weaker on More Profit Taking, but Bull Flag May be Forming on Chart
If that were to be the case, Mr Greenspan suggested that the authorities might have to go beyond the conventional ways of stimulating the economy through monetary policy and fiscal policy (such as Mr Bush's stimulus package) and also look at further improving America's economic flexibility.
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