After the better than expect U.S Nonfarm payrolls gold has remained well below the $1700 level until stops were hit which pushed the yellow metal to a 2 week high of $1718.
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After the better than expect U.S Nonfarm payrolls gold has remained well below the $1700 level until stops were hit which pushed the yellow metal to a 2 week high of $1718.
Precious metals traded at a wide range Thursday ahead of the all important U.S non-farm payrolls (NFP) report due out Friday.
It's been an ominous beginning to the week with many traders focused on Hurricane Sandy. The hurricane cut a deep path through most of eastern U.S and has left many without power.
Robert Rosenzweig, CEO of Cache Metals and 640 Host, Jasmine Bowen discuss key topics surrounding Precious Metals investing including: US earnings, Understanding Gold better, Short and long term investing, US currency, Hard asset class, Gold price predictions and more.
Tune in to AM 640 Thursday at 7:05 pm ET to listen to the weekly Gold & Silver Precious Metals Update featuring Cache Metals' Robert Rosenzweig.
Precious Metals resumed their slide Friday after a brief rally as the metals succumbed to dollar strength on better than expected U.S data.
It was a negative kind of day across all markets as weak US earnings and ratings downgrades in Spain contributed to a broad based sell off.
Spot gold lost all of its Monday’s gains trading to a 6 week low of $1705 despite the lack of data flow from the U.S and Europe. Wednesday brings a slew of data that will be most definitely market moving. European PMI and US housing data, as well speeches from ECB head Mario Draghi and US Federal Reserve chief Ben Bernanke will most certainly give the markets some direction.
Precious metals continued their downward slide setting one month lows of $1716 and $31.92 respectively as traders trim their long-term bullish positions further ahead of the weekend.
Yesterday saw heavy losses for the precious metals as hedge funds exited position taking out weak longs with them. Spot gold dropped to a one month low of $1728.
Long liquidation was the order of the day Monday with a bounce back on Tuesday trading. The main catalyst was China may not need further stimulus measures after exports increased more than expected in September. China’s consumer price index for September rose 1.9 per cent from a year earlier, down from a two per cent advance during August.
Robert Rosenzweig, CEO of Cache Metals and 640 Host, Jasmine Bowen discuss key topics surrounding Precious Metals investing including: Riots in Greece, Civil unrest in Turkey and Iran, US unemployment, US elections, Fiscal cliff, QE4, Mining company stocks and more.
Tune in to AM 640 Thursday at 7:05 pm ET to listen to the weekly Gold & Silver Precious Metals Update featuring Cache Metals' Robert Rosenzweig.
Precious metals continues it consolidation pattern lower as the market digest U.S data releases and awaits Chinese data over the weekend.
Spot gold traded lower to $1758 as traders booked profits ahead of the weekend not wanting to remain long due to the release of China's trade balance due to be released Saturday. U.S data released this AM saw University of Michigan's consumer confidence report that its main index to a 5 year high of 83.1 in October from 78.3 last month. US PPI for September came in at 1.1%, core PPI was flat, below the expected and previous reading of 0.2%.
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