Gold weighed down by US data

29 September, 2016

Gold weighed down by US data

The gold price is down for a second straight day today as investors await a raft of data from the US this week which may decide the question of an interest rate hike.

At 4.31pm (GMT) the gold price was trading at $1,319 down from $1,326 in yesterday’s trading.

Following on from the previous day’s losses, after observers claimed Hillary Clinton the winner over Donald trump in the first debate, gold come under further pressure on the back of potentially strong US economic data this week.

A positive round of figure will strengthen the case for a rate hike from the Fed in December which will only add more woes for gold,

“The next two weeks are pretty much packed with economic data,” from the release of durable goods data on Wednesday, to second quarter GDP figures and the release of September jobs data next Friday, said Carston Menke, a commodities research analyst at Julius Baer.

Another event that is likely to create volatility in gold is the second presidential debate due to take place next week where holders of long positions in gold will be hoping that Trump can improve on his performance from the first debate.


Source link  
New sanctions won't hurt gold

The gold price is stable in early Asian trading today after falling heavily yesterday after a planned missile test from North Korea failed to eventuate...

Gold down but not out

The gold price has bounced back in today’s trading after racking up losses on the back of a deal between the white house and Congress and some say yesterday was just a small...

Oil to remain capped at $50

The oil price is making another run for the $50 mark today over concerns about the damage that Hurricane Harvey has caused, but below it will struggle...


Gold down on profit taking

Gold has pulled back in the last 3 days on the back of profit taking but by no means is the rally over with so much uncertainty around us at the moment...

Gold finds strong support

US President Donald Trump’s rhetoric has once again underpinned the gold price after he threatened to shut down the government at a rally in Arizona...

Gold price is stabilizing today

The gold price is stabilizing today after suffering its biggest loss in 6 weeks yesterday on the back of strong retail sales numbers from the US...


Gold down on jobs report

The gold price remains under pressure today following on from last Friday’s losses after the release of solid employment numbers from the US...

Gold technical review

As we noted in last Friday’s report the gold price would make a charge for the next resistance level of is $1,265 which it has comfortably broken over the last 2 trading session and has now...

Gold price is facing headwinds

Overall gold has made some solid gains over the past 2 weeks on the back of US dollar weakness and although the precious metal has been under pressure...

  


Share: