Gold tanks further

7 October, 2016

Gold racked up its 8th straight day of losses today as another strong round of data from the US hit the market increasing the chance of a rate hike from the US Federal Reserve.

At 7.18pm (GMT) the gold price was trading at $1,250 down from $1.266 in yesterday’s trading.

For the 3rd day this week, the market has witnessed better than expected data from the US which started on Monday with strong ISM manufacturing figures.

Today the initial Jobs claim figure came in at 249,000 against analysts’ expectations for a number of 256,000 which boosted the US dollar and in turn punished gold.

The strong employment numbers have set the stage for a strong non-farm payrolls figure tomorrow will all but guarantee that the Fed will raise rates before the end of the year which is only going to cause more pain for gold.

"We've got the non-farm payrolls data on Friday, so a lot of people will be cautious ahead of that," Afshin Nabavi, head of trading at MKS in Switzerland, said. "The market is generally a bit disappointed with gold. Whatever happens, we just don't seem to be able to get above $1,350."

"I guess everyone is waiting for the U.S. election (in November), and then we'll see what happens in December with the rate hike." he added.


Source link  
Rates in Australia going up or down?

The Australian dollar can’t seem to find a direction in today’s trading session after yesterday’s losses following the latest minutes from the Reserve...

Wage growth boosts pound

The British pound received another boost today against its US counterpart after a round of solid local data which follow’s on from news earlier in the week...

Gold remained largely range bound

Gold has remained largely range bound over the past 4 trading sessions but it seems as the today there is momentum gaining to the upside and the formation...


Stagflation a threat to US dollar

The US dollar jumped suddenly after yesterday’s release of better than expected inflation data and then suddenly reversed into negative territory which...

Gold made a run for the $1365 mark

If we look at the arrow on the weekly gold price chart we can see that a resistance point that was first encountered in around august of last year...

Gold awaits direction of Stockmarket

The gold price has remained in a tight range over the last 3 trading sessions as equity markets in the US continue to swing wildly and are now down...


US dollar in for a tough year

The US dollar finished off 2017 mostly weaker against the major currencies despite 3 rate hikes from the US Federal Reserve and although...

RBA misleads investors on AUD

The Australian dollar has dropped sharply in today's Asian trading session on the back of disappointing data and throws into question yesterday...

Brexit doubts pressure pound

The British pound has enjoyed a good run against its US counterpart ever since rumors spread that the EU and the UK were close to reaching a deal...


In the past 24 hours Bitcoin has gained 4.24% and reached $9277.71. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.3555% and is now at $1.2212. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 33.45% and is now at $684.593. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM87%
3HYCMHYCM85%
4FxProFxPro84%
5FIBO GroupFIBO Group82%
6FXCMFXCM70%
7XMXM68%
8Fort Financial ServicesFort Financial Services67%
9Alfa-ForexAlfa-Forex66%
10HotForexHotForex66%
  


Share: