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  
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...

RBA wants Australian dollar lower

The Australian dollar continues to push towards the US80c mark in today trading session, brushing off remarks by the Reserve Bank of Australia...

Gold awaits ECB

The gold price is under pressure today as the market awaits the latest interest rate decision from the European central bank followed by a monetary press conference.


Pound has reached a peak

The British pound is under further pressure today after yesterday’s disappointing inflation figures which has now seemingly taken an interest rate hike...

Gold technical review

The gold price is trading higher for a 3rd straight day in today’s trading session and has clearly broken through what was formerly a strong resistance level as we can see by the lower line....

Time to buy gold

The gold price is heading down towards the $1,200 mark in today’s trading and some analysts are saying now is the time to get into the precious metal. The price has now fallen around $100 over...

  


Share: