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Thread: GOLD

  1. #711
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    Gold up to 3 months high as FED hope to hike rate in March

    Gold Futures raced to a 15-week high on Thursday, after the minutes of the most recent Federal Reserve policy meeting, was more dovish-than-expected, weakening hopes of a March interest rate hike.

    Gold for April delivery on the Comex division of the New York Mercantile Exchange gained $17.55 or about 1.42%, to trade at $1,250.75 a troy ounce.

    Gold started the session in the ascendancy, buoyed by a slump in the dollar, after Wednesday’s Fed minutes dampened hopes that a rate hike is in play for March.

    Some Fed members’ appeared to be reluctant to support a raise interest rates, as they await further details on President Trump’s economic plans in order to assess how Trump’s policies would impact economic growth.

    Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.

    Gold continued its march higher later during session, as the latest U.S. labour market data, added to the greenback woes, after the U.S. Department of Labor said initial jobless claims increased by 6,000 to 244,000 in the week ending February 18 from the previous week’s revised total of 238,000 compared to analysts’ estimates of a rise by 2,000 to 241,000 last week.

    Commodities across the board gained in the midst of a sliding dollar, as silver traded higher at $18.18 up 0.23% while crude prices rose more than 1.5% to trade at $54.46 and Brent traded at 56.56 up 1.3%.


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  2. #712
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    Gold steadies near 3-month highs.


    Gold prices were little changed near the prior session's three-month highs during North American morning hours on Tuesday, as investors looked ahead to President Donald Trump's speech to Congress later. Comex gold futures dipped 35 cents, or less than 0.1%, to $1,258.75 a troy ounce, staying within sight of the prior session's high of $1,264.90, a level not seen since November 10.Spot gold was up $5.00 at $1,257.85 per ounce. The metal hit its highest since November at $1,263.95 on Monday.Also on the Comex, silver futures for May delivery tacked on 3.0 cents, or 0.2%, to $18.45 a troy ounce after reaching $18.54 on Monday, the highest since November 11.

  3. #713
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    Gold Technical Levels - 07.03.2017
    Gold trading almost near previous week low on account increasing hopes of Fed rate hike in March. It is currently trading around $1226.
    Technically, Gold next immediate support below at $1223, $1213 and $1206 levels.
    Upside resistance above at $1236.80, 1250.60 and $1258.40 levels.
    Trend overall looking slightly bearish at the moment.

  4. #714
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    Gold tumbles on strong ADP report


    Gold slumped to a 1-month low on Wednesday, after a better-than-expected ADP jobs report lifted expectations of a March rate hike.

    Gold for April delivery on the Comex division of the New York Mercantile Exchange shed $6.75 or 0.54%, to trade at $1,209.55 a troy ounce.

    ADP and Moody’s analytics said Wednesday, employment in the private sector climbed by 298,000 for the month, which dwarfed economists’ expectations of 190,000 and underpinned expectations the Federal Reserve will hike rates at its meeting this month.

    The bullish ADP reports came ahead of Friday’s non-farm payrolls for February, viewed as a critical barometer of the U.S. economy and represents the final key economic data point ahead of the Federal Reserve’s policy meeting on March 14-15.

    According to Fed rate monitor tool, nearly 90% of traders expect a rate hike in March, compared to just 80% of traders on Monday.

    Gold is sensitive to moves in U.S. interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.

    Gold has traded on the back foot since Fed Chair Janet Yellen signaled last Friday the U.S. central bank will hike rates in March, should inflation and jobs data remain on track.






  5. #715
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    Gold Slip in spite of dollar slump

    Gold slipped to a five-week low on Thursday, despite a slump in the dollar, as increasing expectations of a March Rate hike continued to soften demand for the yellow-metal.

    Gold for April delivery on the Comex division of the New York Mercantile Exchange shed $6.35 or 0.53%, to trade at $1,202.95 a troy ounce.

    Gold struggled to take advantage of a pull-back in the dollar, after initial jobless claims missed analysts’ forecasts while investors’ expectations of a March rate hike grew ahead of key non-farm payrolls report due to be released on Friday.

    U.S. Department of Labor said Thursday, initial jobless claims increased by 20,000 to 243,000 in the week ending March 4 from the previous week’s total of 223,000. Analysts expected jobless claims to rise by 12,000 to 235,000 last week.

    The softer initial jobless claims data came a day ahead of Friday’s nonfarm payrolls for February, viewed as a critical barometer of the U.S. economy and represents the final key economic data point ahead of the Federal Reserve’s policy meeting on March 14-15.

    According to Fed rate monitor tool, 90% of traders expect a rate hike in March, compared to just 80% of traders on Monday.

    Gold is sensitive to moves in U.S. interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.


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  6. #716
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    Gold Ease in Asia on Fed rate hike views

    Gold prices dipped in Asia on Tuesday with sentiment on the outlook for Fed rate hikes driving the market, though an extraordinary day of news about Russian meddling in the presidential election raised political risk.

    Gold for April delivery on the Comex division of the New York Mercantile Exchange fell 0.15% to $1,232.15 a troy ounce.

    Overnight, gold prices traded higher on Monday, supported by a slump in dollar, which is on track for a fourth session of losses, after G20 financial leaders failed to make a case for open and free global trade while more dovish than expected Fed comments last Wednesday concerning rate hikes continued to support the yellow-metal.

    Chicago Fed President Charles Evans said the central bank will likely wait until June to decide on the next rate hike in comments made ahead ofa slate of Fed policymaker remarks due on Tuesday.

    New York Fed President William Dudley speaks at 6:35 a.m. in London, while Boston Fed President Eric Rosengren speaks in Bali, Indonesia. Kansas City Fed President Esther George speaks on the economy at noon and Cleveland Fed President Loretta Mester speaks at 6 p.m. ET.

    Monday was a quiet day for top-tier economic data releases, investors continued to focused on the Federal Reserve’s comments last Wednesday, as the U.S. central bank maintained its outlook of two more rate hikes this year against expectations from market participants of three more rate hikes.

    Gold is sensitive to moves in U.S. interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.

  7. #717
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    Gold Technical Levels - 23.03.2017
    Gold currently trading at $1247. Technically, Gold next immediate resistance above at $1251.50, $1258.50 and $1263.70 levels.
    Down side immediate support at $1244, $1226.90 and $1219 levels.
    Trend overall looking slightly bullish at the moment.

  8. #718
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    Gold Technical Levels - 30.03.2017
    Gold currently trading at $1251. Technically, Gold next immediate support below at $1234, $1237 and $1224 levels.
    Upside resistance above at $1260, $1264 and $1273 levels.
    Trend overall looking slightly bullish at the moment.

  9. #719
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    Gold Technical Levels - 06.04.2017
    Gold currently trading at $1253.30. Technically, Gold next immediate resistance above at $1261.50, $1273 and $1280 levels.
    Downside immediate support below at $1240, $1228 and $1219 levels.
    Trend overall looking slightly bearish at the moment.

  10. #720
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    Gold edge higher as dollar slides.

    Gold rose supported by a slump in the dollar after the euro rose to six-month highs while concerns over U.S. political turmoil underpinned demand for safe-haven gold. Gold for June delivery on the Comex division of the New York Mercantile Exchange added $8.44 or 0.68%, to $1,262.09 a troy ounce. Gold added to its 2% gain achieved last week, as investors continued to pile into the yellow metal amid concerns that President Donald Trump may struggle to introduce his pro-growth economic agenda intended to boost the economy.President Trump’s alleged links to Russia and his abrupt decision to fire former FBI chief James Comey, have dominated moves in both the dollar and gold. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.16% to 96.84, after the euro surged on the back of German Chancellor Angela Merkel’s comments that the single currency was “too weak”.


    Dollar-denominated assets such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand. The dollar suffered its worst week in more than a year last week, as investors ditched the dollar amid growing concerns that Trump's plan to introduce initiatives such as tax reform deregulation and infrastructure spending, widely viewed as inflationary, would be derailed amid continued political uncertainty.

 

 
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