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Alert-18:12 (Est) ACM Precious Metals Analysis: Gold Roses to a One-Month High as Dollar Weakens on Renewed Risk Appetite Fueled by Existing Home Sales and BoC Statement
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Gold rose to the highest level in a month as the dollar tumbled on rising risk appetite, buoyed by the improving equity markets as the Dow surged 200pts to climb above the 9,000 level for the first time since January. The precious metal gained support in early trading as the dollar weakened on eroding risk aversion as Ford, Credit Suisse and AT&T rolled out better-than-expected earnings reports. Gold pared early gains and slid to $949oz as the dollar recouped losses after initial jobless claims came out worse than expected–554k vs 550k estimated. The dollar’s exertion was only short-lived as existing home sales rose to 4.89m vs consensus 4.84m and the BoC forecasted a recovery in Canada by the quarter end and declared the worse of the recession was over. The bold statement from the conservative BoC combined with the better existing home sales number boosted risk appetite, pushing guardedly positive traders over the sideline as they awaited for more concrete themes to emerge. Gold prices rose as the dollar dipped on resurgence in risk appetite, rising above the $955oz resistant level and testing $957oz. The precious metal retreated amid profit taking and found support at $950oz, which was marginally above the 61.8% level from the three-month Fibonacci chart.
Support: 941.53 Current: 949.20 Resistance: 955.27
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ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency and precious metals trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
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