Gold price is stabilizing today

17 August, 2017

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

The figures hit the market at 0.5 percent against expectations for a number of 0.3 percent and once again raised speculation that the Fed may raise interest rates again this year.

It seems that some investors have a short memory and they forgot about the release of CPI numbers from the US last week, which came in well below consensus and are sitting well short of the US Federal Reserve’s target rate of 2 percent.

We believe the inflation numbers concern the Fed the most and this is why no further rate hikes are expected this year.

On the chart, we can see that gold found strong support over the last 2 days around the $1,270 mark and this should be the base to resume the current uptrend.

The Fed minutes released later today will be the catalyst for the drive higher and we do not expect too much optimism from the central bank today which is going to benefit gold.


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 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...

  


Share: