Back to the Forex Alerts day's list
Alert-16:03 (Est) ACM Precious Metals Analysis: Gold Dips as Dollar Strength Looms on Ebbing Risk Appetite
|
We are back in action. After a week of sideways trading, gold continued its two-day slump, falling $13 or 1.3% to $928oz as the dollar gained strength from the retreat in risk appetite. The precious metal dropped $27 or 2.8% in two days as the dollar advanced on overshoot doubts in equity markets. The Dow hovered above the 9,000 psychological level, but uncertainty toward recovery was reflected in other asset classes as the dollar surged after equity markets in Asia tumbled overnight. Economic data painted a similar picture, with durable goods coming in -2.5% vs -0.6% forecasted and German CPI sliding to -0.1% vs consensus 0.2%. Also weighing on gold was the falling oil price, which slipped $3 to $63bbl on the back of unexpected supply gain. The theme of a rise and fall in risk appetite was consistent with our view of tentative sentiment in the market, where any change in recovery expectation would prompt traders to turn to the dollar in the face of negative development.
Support: 923.00 Current: 929.35 Resistance: 938.40
|
|
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.
|