gold still in side way and silver recorded a rise during Thursdays trading
2018-08-09 05:41 pm | Resource: NEWS | No Views : 124
gold still in side way and silver recorded a rise during Thursdays trading, and the US dollar index gains in US trading, following US inflation data
A report released by the Ministry of Labor on Thursday showed that producer prices unexpectedly rose in July.
The Labor Department said the PPI had not changed in July after rising by 0.3 percent in June. Economists had expected producer prices to rise by 0.2 percent.
The reading came unchanged on producer prices, rising by 0.1 percent from the index of final goods prices, which were compensated by 0.1 percent in final demand services prices.
The dollar index rose 0.38% to hit 95.31 points after finishing the correction and profit taking near a three-week high of 95.65 last week.
Gold prices fell Thursday by 0.07% to $ 1220, having recorded a high of $ 1225, and the lowest level at $ 1218 compared to the opening at 1221 dollars.
Looking at silver, it rose 0.21% to $ 15.46, after reaching a high of $ 15.52 and a low of $ 15.38.
Gold prices fell last week, 0.9 percent, after Federal Reserve Chairman Jerome Powell testified before Congress that boosted the prospect of accelerating US monetary policy tightening and raising interest rates two more times this year.
Gold closed Friday's gains at 0.5%, after rebounding from a one-and-a-half year low of $ 1204, an ounce recorded earlier in the day.
Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around the 54.54 level despite breaching the 52.50 level to the upside, but it is still moving sideways, indicating that there is still selling pressure on oil. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators.…
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