Gold continues to slide

6 October, 2016

The gold price has continued to tumble today after yesterday’s dramatic slide on the back of strong data out of America that increased the chances of a rate hike from the US Federal Reserve.

At 7.18pm (GMT) the gold price was trading at $1,265 down from $1,267 in yesterday’s trading.

After falling $43 yesterday, its biggest one day decline since 2013, gold remained under further pressure as The ISM's purchasing managers index (PMI) which is a major driver of the services sector and a key driver of the American economy, jumped to 57.1 in September and well up on the previous months figure of 51.4 marking the highest figure in 11 months.

The news had investors exiting safe haven assets such as gold and piling into the US dollar as expectations grew that a rate hike from the US Fed is just around the corner.

 “Rallies will now be seen as a chance to sell, and today’s early rebound could be just that opportunity. Classically, you would be looking at a pullback to the neckline at $1,302 as the selling opportunity, but the bears may not wait that long,” noted Richard Perry, analyst at Hantec Markets. 

 "Gold could struggle to recover all of its Tuesday losses": he added.

The precious metal is likely to stay under pressure until Friday with the release of the NON Farm Payrolls figure from the US with a strong number all but guaranteeing a rate hike from the Fed in December.


Source link  
Oil surges on conflict concerns

The oil price has continued to rise in today’s trading session after yesterday’s gains on the back of attacks on two oil tankers in the Gulf of Oman...

Gold need to hold this level

The gold price is now trading at its lowest level since the start of the year and is now consolidating around the $1275 mark and according to one...

Gold faces key moment

The gold price has remained above the $1300 mark in today's trading session after breaking this important level yesterday and today's outcome...


US dollar down on dovish Fed

As predicted yesterday, the Fed kept interest rates on hold but the following monetary statement was much more dovish than analysts had predicted...

Gold needs some big news

The gold price is under further pressure in today's trading session as investors ponder the chances of another rate hike from the US Federal Reserve after the release...

Good news for the precious metal

Gold just got another reason to cheer after the latst minutes meeting from the US Federal reserve where the tone left many analysts predicting that...


Gold to stay above $1300

The gold price has recovered strongly over the past 3 trading sessions after coming perilously close to touching the $1300 mark and...

Oil price hinges on trade talks

Oil is down once again in today's trading session as investors and the market alike remain divided on the future direction of the price with a lot...

Oil needs Opec cuts

The latest tumble in the oil price has now reached gigantic levels, almost equaling the declines reached during the global financial crisis and according to some analysts, we may...

  


Share it on:   or