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Thread: Gold falls

  1. #1
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    Gold falls

    Gold falls
    to 1-week low after upbeat jobless claims data

    Gold fell to a one-week low on Thursday, after data showed that the number of people who filed for unemployment assistance in the U.S. last week fell to the lowest level since 2000, fuelling optimism over the strength of the labor market.

    On the Comex division of the New York Mercantile Exchange, gold futures for April delivery touched $1,264.40 a troy ounce, the weakest level since January 16, before trading at $1,270.80 during U.S. morning hours, down $16.40, or 1.27%.

    Futures were likely to find support at $1,255.20, the low from January 16, and resistance at $1,300.20, the high from January 26.

    Also on the Comex, silver futures for March delivery plunged 60.5 cents, or 3.34%, to trade at $17.48 a troy ounce.

    The U.S. Department of Labor said the number of individuals filing for initial jobless benefits decreased by 43,000 to 265,000 last week. Analysts had expected initial jobless claims to decline by 8,000 to 300,000 last week.

    The upbeat data added to optimism over the strength of the economy and fuelled expectations that the Federal Reserve will begin to raise rates sooner than previously thought.

    The U.S. central bank upgraded its assessment of the economy and the labor market on Wednesday, leaving it on track to raise rates in the second half of this year.

    Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.

    The usd index , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.1% to 94.98, holding below last Friday’s more than 11-year highs of 95.77.

    A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

    Elsewhere in metals trading, copper for March delivery shed 2.7 cents, or 1.1%, to trade at $2.452 a pound. The March contract hit a five-year low of $2.419 on Monday.

    The red metal is down approximately 11.5% so far in January as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity.

  2. #2
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    Yes, last 2 years sellers were too active on this trading instrument! But from the last three month of 2016, buyers are proving their sign here! The lowest point was 1125. 64 and now it’s around 1251, that means, it’s all about 1250 pips! I see, market is climbing up gradually after creating a valid swing point, this is a very good sign for the buyers! If market breaks 1306 level, then sellers will be washout there!

  3. ARIONFORXtarder
 

 

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