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Gold prices declined moderately today, but continue to show growth in the week as positive economic data from the United States strengthened the dollar and reduced investor demand for safe-haven assets.
Nevertheless, we add, which will reduce expectations of a quick rate hike by the Federal Reserve continue to influence the market. Yesterday, the price of gold rose above two-week high on the day after the Fed meeting minutes of September 16-17, showed that some members of the committee believes that the existing wording misleading as to the timing of rate increases, and the growth of interest on loans should be linked to the success of the American economy. Protocols have also shown that the central bank has reduced the United States economic growth forecast because of the fledgling dollar and concerns about the weakness of the global economy.
"Minutes of the Fed really revived the gold market", - said Bob Haberkorn, senior broker RJO Futures in Chicago. - "The market appreciates the fact that interest rates will not rise in the short term, and most traders have adjusted their expectations for a rate hike."
Margins in China are held at the level of $ 5-6 to the spot price, indicating the interest of the buyers. Return to the market of Chinese players on Wednesday after a holiday week supported the gold price.
"In the near future, I think gold will be about $ 1210 with the support of sentiment that emerged after the publication of the minutes of the meeting of the Fed. Prices may reach $ 1,240 resistance level, and by the end of the year to fall below $ 1,200, "- said the analyst Jinrui Futures.
The cost of the December gold futures on the COMEX today dropped to 1221.00 dollars per ounce.
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