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Gold price divergence with hopes for US-China talks

2018-09-13 11:07 am | Resource: News | No Views : 86

 

 
 
Gold prices held steady on Thursday amid news of possible US-China trade talks as investors await consumer price data later in the day looking for signs of Fed monetary policy. The data comes one day after the unexpected drop in producer prices. However, Fez is expected to increase in September.

 Trade war

The United States is proposing to hold new trade talks with China later this month in an effort to avoid new charges. US president Donald Trump has threatened to levy tariffs on almost all Chinese imports, or about 467 billion dollars in merchandise, while China plans to ask the World Trade Organization (WTO) to allow sanctions to be imposed on the United States at a meeting next week.

The trade dispute between the United States and China continued to push investors to buy the dollar, leading to a drop in the price of gold, as traders feel that the United States has nothing to lose in the trade war. Gold prices were stuck in the 1,200 dollar range for the past two weeks as investors turned to the attractiveness of the dollar.

Gold is usually located with the rise of the dollar, as it is denominated in American currency and is sensitive to the movements of the dollar. Gold becomes more expensive for other currency holders when the dollar rises and decreases when it falls.
  • The US dollar index, which measures the strength of the dollar against a basket of six major currencies, rose by 0.12% to 94.93.
  • Futures for gold on the Comex stock exchange for the month of December rose 0.07% to 1.211.70 USD per ounce since 9:08 GMT.

Other metals trading
  • Silver futures contracts rose by 0.12% to 14.310 USD per ounce.
  • The Platinum Futures Index rose by 0.59% to 804.60 USD while palladium futures rose by 0.12% to 966.20 USD per ounce.
  • Copper futures have risen 1.12% to 2.706 USD for pound.


Other analysis

OIL Technical analysis 12 November 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term Oil is still under selling pressure to reach level of 59.17 In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area Accordingly, we expect that the oil will test the upper boundary of the down channel around the level of 61.50,…

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