Gold erased previous gains as Oil demand left the red zone

August 12, 2016

The Crude futures tumbled yesterday as the EIA indicated an increase of crude stockpiles by 1.1M barrels and predicted decrease in refineries input by 255K a day. The Gasoline reserves shrank to 2.8M barrels helping the prices to stage a recovery on Thursday. The WTI for September is said to deliver trades that will lower -0.02% per barrel leaving them at 41.70. At the same time, Brent left the red zone completely rising by 0.32% to a 44.19 level.

Gold erased gains as the stimulus from New Zealand allows the investors to boost their positions in risk assets while cutting the wages with gold, XAU/USD +0.01% at 1.352,05.

The Chinese CSI300 which consists of the “blue chips” of Shanghai and Shenzhen, were dived by 0.3 percent to 3.233,36 points. The ShComp lost 0.5 percent closing at 3,002.64 points.

Earlier during the trading session both indices rose, propelled by the growth of the financial sector in the increased asset purchases of New China Life Insurance. The Chinese insurance company reported that the five companies controlled by the Chinese billionaire and chairman of Fosun Group were acquired with a 5.01 percent stake. The commodity producers pulled the index down by 1.5 percent after rising in the previous sessions as the energy stocks slipped due to falling oil prices.

The Dollar stages a rebound today as it fell against all major currencies just yesterday. The greenback dipped to a one-week low on Wednesday after the Non-Farm Productivity extended declines for a third-quarter in a row missing the expectations.

The US currency added 0.25% against the Euro and 0.21% against the British Pound pushing it again a below 1.30 level. The minor gains were posted against the Japanese Yen which was at a premium today due to the decreasing crude oil prices, the USD/JPY rose by +0.06% to101.35. The Dollar failed to score wins against the Aussie and Kiwi which rose after the Reserve Bank of New Zealand marked down a key benchmark rate at 25 b.p. to 2%, baulking investors’ hopes.

The USDX rose 0.18% after diving 0.6% to 95.40 on Wednesday.

The long waited US Initial and Continuing Unemployment Claims are coming in as they are the first numbers to help to estimate the August Payrolls. The number of people claiming redundancy payment for the first time is expected to decline from 269K to 265K, while the number of people continuing to receive an unemployment benefit is estimated at 2130K, dropping from 2138K the previous week.

Publication source
Tickmill information  Tickmill reviews

January 24, 2017
Gold turned bearish
Traders have not changed their opinion preserving upbeat tone on Monday. The demand for the metal grew amid uncertainty around Trump's proposed fiscal policy measures. A weak sentiment surrounding equity markets lent some support to the precious metal as well...
January 24, 2017
Caution reigns over the markets
The week kicks off with a sharp depreciation of the US Dollar, as hedge fund managers withdrew from the Dollar causing net speculator positions drop to three-week lows at 310,475...
January 24, 2017
The strong start of the new US presidency makes USD softer
So this is how Donald Trump first day in office looks like. He has easily made it to the headlines, In his first executive orders he confirmed that NAFTA will be renegotiated and that the US no longer applies for the TPP...

FxPro Rating
FOREX.com Rating
XTB Rating
FBS Rating
Z.com Trade Rating
FIBO Group Rating

Banc De Binary Rating
EZTrader Rating
UKoptions Rating
OptionTrade Rating
Binary Brokerz Rating
TopOption Rating