Gold Hits a Two-Week Low
Gold Hits a Two-Week Low
On Thursday, U.S. dollar settled against other major currencies amid expectations that the U.S. Federal Reserve would raise interest rates in December. The U.S. dollar index settled yesterday at 95.30 pips, despite weak U.S. data.
On Thursday, Gold prices declined to a two-week low, after a mixed bag of U.S. economic data encouraged selling ahead of the U.S. Federal Reserve policy meeting, which will be held next week. The yellow metal settled at $1,308, below the resistance level of $1,314. Technically, the precious metal could re-test the psychological level of $1,300 during the course of the day.
Also on Tuesday, Euro traded in a limited range despite weak U.S. data as industrial production fell as much as 0.4% and U.S. retail sales fell 0.3% in August. Euro settled at $1.1240 vs. USD at yesterday’s trading session and could settle at the same level by the end of the day.
GBP declined vs. USD yesterday, as the Bank of England voted to keep interest rates unchanged this month, despite the Brexit bounce back. The Pound settled at $1.32 vs. USD and could settle at such level during the course of the day.
U.S. crude oil settled unchanged on Thursday and traded below $44. Technically, U.S. crude could end the week below $45.
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Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.
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