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Gold prices over the 1200 with the collapse of the stock market

2018-10-11 12:15 pm | Resource: News | No Views : 35



Gold prices surged more than 1% on Thursday, as countries slumped ahead of a sell-off wave that hit US stocks yesterday and led to a fall in global equity markets. Gold rose above the psychological level of 1,200 with the wave of major declines in the global equity markets supported by concerns about rising bond yields, slowing growth and trade Global tensions boosted demand for safe haven.

The demand for safe haven for precious metal has strengthened amid a sharp drop in global equity markets, as investors shed assets seen as more risky.

 US stocks futures

The Dow is expected to drop more than 250 pips at the opening as sales continue

As US stock index futures pointed to a sharp drop in markets on Thursday as global sales continued. Wednesday's rally on Wall Street fell to Asian and European markets as well, after the Dow dropped more than 800 points at closing. Japan's Nikkei 225 fell 4% today, while European stocks opened red in all markets.

The Dow Jones Industrial Average shed 1.07% at the opening or 274 points, and the S & P 500 is expected to lose 0.91%, while the Nasdaq 100 will fall 0.85%.

The euro advanced 0.33% against the dollar at 11:52 CET, buying 1.15594.

US President Donald Trump attributed the fall of the US market to the Fed's tightening policy and continued interest rate hikes this year.

Metal trading

  • The dollar index, which measures the dollar's move against a basket of six currencies, fell 0.22% to 95.3020.
  • December gold futures rose $ 13.90 or 1.16% to $ 1,207.30 in the New York Mercantile Exchange.
  • Silver futures advanced 0.59% to $ 14.41 an ounce
  • Platinum traded in January at $ 829.00, up 0.18% during the day.
  • Copper fell 1.42% in December to trade at $ 2.741.

 



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OIL Technical analysis 16 October 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to press the oil to retreat below level of  70.46, forming a positive candlestick pattern but it still facing resistance around level of  72.71   In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery Accordingly, we expect that the oil will break…

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