Gold's one day jump ends

October 13, 2016

The gold price has come under pressure today, giving up yesterday’s gains as a US Federal Reserve board member signaled that a rate hike was just around the corner.

Federal Reserve of Chicago PresidentВ Charles Evans noted in a speech in SydneyВ on Tuesday that the U.S. economy is moving forward and that a December rate hike “could be fine.” sparking a jump in the US dollar and a selloff in gold.

The market now anticipates a greater than 70 percent chance that the US central bank will lift rates before the end of the year up from 50 percent less than a month ago.

Evans has just been one of a number of Fed board members that have called for increasing monetary policy in the US which has kept gold under pressure and contributed to the more than 5 percent fall over the last month,

“Open interest has declined because of long positions liquidating last week on the big move down, and they haven’t come back into the market,” Bob Haberkorn, a senior market strategist at RJO Futures in Chicago, said in an e-mail.

“What’s keeping gold lower for the most part have been comments since last week by various Fed members on a December rate hike, like what we heard from Evans last night.” he added.

Publication source
FIBO Group information  FIBO Group reviews

October 26, 2016
Greenback is powered by Fed rate expectations
On Wednesday, the US dollar was backed by hopes that American interest rates will edge up by the year-end. It stood flat during Asia trade, just below a nine-month high reached overnight, while the Australian dollar earned as inflation data doused the probability of a rate drop there...
October 26, 2016
Rising rate hike odds push Dollar
The Greenback extended its rally to a nine-month high against other major peers against the rising bets of a FED tightening in December. As rumors are circling the next US leader saying that they will shift the stimulus burden from FED via changes in the fiscal policy...
October 26, 2016
Gold futures edged higher on Tuesday
The XAU/USD pair traded flat on Tuesday. The price remained between 1270 and 1260 dollars per ounce during the day. Gold prices struggled to find support around 1260. Sellers failed to break the level and the yellow metal bounced upwards and recovered to the upper boundary of the range...

HotForex Rating
Tickmill Rating
Vantage FX Rating
Larson&Holz IT Ltd Rating
Grand Capital Rating
HYCM Rating

TropicalTrade Rating
Grand Option Rating
24option Rating
Beeoptions Rating
OptionsXO Rating
Anyoption Rating