Gold prices approach 2-week minimums

4 October, 2016

On Tuesday, gold prices tumbled close to two-week minimums,  as a stronger greenback following recent positive American data kept weighing on the precious metal.

In New York, December delivery gold futures dropped 0.09%, trading at $1,311.55, thus re-approaching the previous session’s two-week drop of $1,316.80.

The December contract concluded Thursday’s trading session 0.33% lower, hitting $1,312.70 an ounce.

Elsewhere in metals trading, December delivery silver futures slipped 0.26%, getting to $18.822 a troy ounce. At the same time December delivery copper futures went down 0.59%, hitting $2.179 a pound.

The greenback strengthened after on Monday, the Institute for Supply Management told that its index of manufacturing activity ascended to 51.5 the previous month from August’s reading of 49.4. Experts had forecast a lesser growth to 50.3.

The reports contributed to optimism regarding the strength of the Us economy after Friday’s positive American consumer sentiment data.


Source link  
GBP/USD: support waiting for bears

The price faced a support at 1.2270, so the price is consolidating. If we have any reversal pattern, the market is likely going to reach a support at 1.2227 – 1.2205. Considering a possible pullback from this area, there’s a chance to have an upward correction afterwards...

GBP/USD: Moving Average acted as a support

There's an upward Wedge, which was broken yesterday. The 89 Moving Average acted as a support. Therefore, the pair is likely going to rise in the short term, so we should keep an eye on the nearest resistance at 1.2584 - 1.2619 as a possible intraday target...

What will happen with the euro after the ECB meeting

Morgan Stanley strategists believe that the ECB will keep rates on hold at this week’s meeting, but can expand its QE purchase program. But they consider different scenarios with various responses from the euro...


In the countdown to the OPEC meeting

The OPEC members will meet in Vienna on Wednesday to decide on the details of the output cut deal that was agreed in Algiers two months ago. The cartel is trying to reach an agreement to curb its supply for the first time since the financial crisis and put an end to a two-year downturn in crude oil prices...

Crude prices are steady after five days of drops

On Friday, crude prices soared, stabilizing after five straight days of drops, though a soar in American crude inventories as well as doubts over the ability of crude producers to coordinate production cuts continued keeping a lid on the energy market...

Greenback skids on American election jitters

On Thursday, the greenback’s losses deepened, as positioning for next week's American presidential election definitely overshadowed the Fed’s latest review, where policymakers indicated they were on track to raise rates already next month...


Crude prices retreat on hopes for a big leap

On Wednesday, crude futures retreated during early Asia trade, following hopes that American crude inventories were spurred greatly last week, thus exacerbating the global glut, which has kept prices in the doldrums for more than two years...

Greenback sticks to three-month peaks

On Friday, the Japanese yen remained close to it weakest level against the greenback for three months during Asia trade, right after a surge in American bond yields as well as the issue of economic data backing the case for growth in American interest rates strengthened the US dollar overnight...

Crude prices back down amid rising global supplies

On Thursday, crude futures retreated further during early Asia trade, following data from the Organization of the Petroleum Exporting Countries, which showed a further surge in its output...

  


Share: