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Gold fell ahead of the Federal Reserve decision

2018-11-08 12:08 pm | Resource: News | No Views : 66

 Gold prices fell on Thursday and the dollar traded in a tight range as uncertainty in an election in the United States faded

Investors drew attention to the monetary policy announcement from the Federal Reserve, scheduled for later in the day. No change in the Fed's price is expected, but traders will be looking for new evidence on whether there will be a rate hike in December.

Positive trade data from China are pushing gold prices down. China's exports and imports increased more-than-expected in October, a government report showed.

China is ready to resolve issues with the United States through talks

Chinese President Xi Jinping said Thursday that his country is willing to resolve outstanding issues with the United States through talks. Speaking before the G20 summit in Argentina, where he is scheduled to meet his US counterpart Donald Trump, Xi said Washington should respect China's choice for development. The two largest economies in the world must have a good judgment of each other's strategic intentions, he said.

At the same time, Chinese Premier Li Keqiang announced in the right-hand picture earlier in the day that the country will further refine its policies while also speeding up the opening up of its economy. China will adopt more significant tax cuts and maintain its macro-economic policies, he said.
Gold Trading
  • Spot gold fell 0.28 per cent to $ 1,222.78 an ounce,
  • While gold futures in the United States fell 0.20 per cent to $ 1,223.70 per ounce.

Other analysis

OIL Technical analysis 16 November 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term. Oil is still under selling pressure, as it has not been able to test the resistance level 57.88 to face oil selling pressure around the level of 57.37 to fall back down again. In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the…

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