Precious metals jump with stocks falling
2018-12-04 11:55 am | Resource: News | No Views : 47
Gold crossed $ 1240 an ounce on Tuesday for the first time since October 26, as market sentiment moved to safer bets amid a sharp drop in equity markets.
With precious metals in particular, and palladium at another record high of $ 1224.2 an ounce, for the fifth session in a row. The dollar fell significantly, helping to demand asset class.
US stock market futures pointed to a low start in Wall Street trading as investors remained skeptical that Washington and Beijing could reach a comprehensive deal before the end of the 90-day trade truce over the weekend.
The two largest economies in the world are expected to negotiate trade, cybersecurity, technology transfer and intellectual property.
Meanwhile, the dollar fell against the euro, the pound and the yen. Where the euro rose 0.48% against the dollar to buy 1.13994 dollars at 12:31 CET.
- The Dow Jones Industrial Average was down 0.39%.
- The Nasdaq 100 was expected to lose 0.53%
- While the Standard & Poor's 500 Index was stable at 0.38%.
Investors expressed doubts about the initial agreement between the United States and China, which they said would work towards a comprehensive reform of their relations, including trade.
In the meantime, all eyes remained on developments in Britain's exit and the possible reduction of production by the Global Alliance of Oil Exporters, which excludes Canada, the United States and Norway. The indicators from Brussels and Rome showed that the row over the Italian budget deficit may be excluded from the list of potential sharp shocks.
Precious metals trading
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 levels of 52.66 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the…
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