US: Business Inventories rise 1.0% in January, beating 0.4% consensus

Business inventories rose 1.0% in January, surprising investors on the upside as market consensus was of 0.4%. December data was revised higher, from 0.1% to 0.3%.

Mar 13, 2013

US Business Inventories rises to 1% in Jan from 0.3% in Dec

Commodities Brief – Precious metals consolidate gains after upbeat US data, crude testing 93.00 support

Despite the release of upbeat retail sales data in the US earlier today – the widest such advance in the five months – gold was seen cascading upwards en route to the 1600 mark during American trading Wednesday. While the yellow metal failed to ultimately breach the 1600 barrier/resistance (1598.09 intraday maximum), prices are trading positively with the MACD indicator positive. In these moments the price of gold is trading at USD $1594.55 per oz. Ultimately, a break above this key level will allow for a greater expanse upwards.