Gold price divergence with hopes for US-China talks
2018-09-13 11:07 am | Resource: News | No Views : 31
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.
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 level of 71.44 forming a negative candlestick pattern In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect oil to drop to 70.42 - 69.53 The alternative scenario is that the oil…
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