9 July, 2018
Technical correction extends above $ 1260 amid broad-based USD weakness. Lingering US-Sino trade tensions support, as the focus shifts to the US CPI due later this week.
Gold (futures on NYMEX) is seen fading the upmove to $ 1263.10 – fresh ten day tops, although remains above the $ 1260 mark amid persisting broad-based US dollar selling.
The greenback extended its bearish momentum and hit fresh three-and-a-half week lows against its major peers, in the wake of dismal US jobs data that showed slower-than-expected wage growth. A weaker greenback makes the USD-denominated gold cheaper for its buyers in foreign currency and vice-versa.
The latest leg down in the metal can be partly attributed to the risk-on sentiment prevalent across the financial markets, which usually tends to dampen the sentiment around the safe-haven gold.
However, gold prices will continue to derive some support from the ongoing US-China trade tensions and UK political uncertainty, especially after three Brexit Ministers resigned earlier today amid a split on the UK PM May’s new Brexit plan.
Looking ahead, the US inflation report will have a major impact on the bullion this week. In the meantime, the USD dynamics and risk trends will continue to drive the gold trades.
The pair drops further and tests 1.1230/25, fresh lows. EMU Consumer Confidence improved a tad to -7.2 in March. German advanced CPI in focus...
Bulls fail to capitalize on the recent recovery move from over one-month lows. A goodish recovery in European equities dampens safe-haven demand. A modest USD
The index comes under further selling pressure and tests the 96.00 handle. Yields of the US 10-year note ease from tops beyond 3.17%. US Non-farm...
Renewed trade-war fears push USD higher and prompt some fresh selling. Reviving safe-haven demand lends some support and helps limit downside. Fed...
In light of advanced data for GBP futures markets from CME Group, investors scaled back their open interest positions by almost 1.8K contracts on Thursday from...
Lingering trade war fears keep the USD bulls on the defensive. Thin liquidity conditions also hold traders from placing aggressive bets. This week's important...
The greenback, in terms of the US Dollar Index (DXY), is sticking to the positive territory so far today and so far manages well to keep the trade above 95.00...
The greenback bounces off lows, approaches 94.90. Yields of the US 10-year note remain sidelined so far. NAHB index came in below expectations in June...
Looks vulnerable amid OPEC, non-OPEC output lift talks, stronger USD adds to the weight. Technical set up also indicate further downside risks...