Gold is experiencing marginal gains and silver is on its way and copper continues to fall
2018-02-08 08:35 pm | Resource: NEWS | No Views : 108
Gold prices have seen some rebounds during US trade, but remain close to opening levels and near its lowest level in a month. Gold prices rose marginally during the US session recording gains of 0.42% to reach $ 1320 an ounce. After reaching a daily low of $ 1306 and a high of $ 1322, and is currently near the opening levels at $ 1317.
The gains came after the US dollar index, having hit its highest level since January 23, recorded a loss of 0.05% at 90.15, while the dollar fell despite positive US unemployment data. The number of weekly jobless claims dropped by 9,000 to 221,000 vs. 230,000, compared to expectations of 232,000. The weekly reading of the weekly jobless claims showed a decrease of 23,000 to 1,923 thousand.
The fall in US stocks also helped investors in safe haven assets such as gold to hedge against the risk of market volatility, despite the upturn in recent sessions on Treasury yields. The growing interest rate hike pushed the price of the yellow metal to its lowest level in almost a month earlier Today as the dollar index rose in the shadow of the growth of US bond yields.
On the silver front, silver also lost ground on Thursday, with silver climbing 0.75% to $ 16.36, reversing a 7-week low earlier in the day. Today's trading at $ 16.23. The gains are due to the bleeding of global equity indices and investors' tendency to shift liquidity from high-risk markets such as equities to safe haven commodities.
Finally, copper prices recorded declines in today's trading, as opposed to other metals, which recorded a loss of 0.5% to reach levels of 6845 dollars per ton, touching the lowest level in 8 weeks, following the announcement of a significant increase in stocks highlighted that the market is currently Copper inventories rose at 25,700 tonnes on Thursday, up 75 percent over the past three weeks
Time frame Used - four hours Oil is moving in a sideway in the near-term Purchasing power managed to push oil to level of 72.60 where it faces resistance around this level In view of the technical indicators Both the RSI and the Stochastic are pointing to the continued decline of the indicators Therefore, we expect that the oil will test level of 70.33 again The alternative scenario is…
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