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Don't Get Too Excited About Gold's Bounce; Interest Rates Are Going Higher
Tuesday, 10 October 2017 04:17 WIB | GOLD CORNER |Gold OutlookGold Corner

While bargain hunters are stepping in to push gold prices off Friday's two-month low, some analysts are warning traders and investors to use some caution at current levels.

Lukman Otunuga, research analyst at FXTM, said that short-term bulls appear to be exploiting renewed geopolitical uncertainty as rhetoric between North Korea and U.S. President Donald Trump continue to heat up. However, he warned that upside potential for the yellow metal could be limited as the U.S. dollar continues to strengthen on rising potential for a U.S. interest-rate hike in December.

œTechnical traders will be paying very close attention to how prices react above the $1,280 resistance level. A technical bounce seems to be in play, with bears still in firm control below the psychological $1,300 level.  Sustained weakness back below $1,280 should forge a path back towards $1,267, he said in research note Monday.

December gold futures settled at $1,282 30 an ounce, up 0.8% on the day.

Looking at rate expectations, CME 30-day Fed fund futures are pricing in an almost 92% chance of a rate hike by December. Expectations have spiked higher compared to a week ago, when markets were pricing in a 76% chance.

Phillip Streible, senior market analyst at RJO Futures, said that with interest-rate expectations so high, it is difficult to get excited about a one-day bounce in the gold market.

œWe are in a downward-sloping channel and traders should be looking at selling rallies with prices below $1,300, he said.

Not only are rate expectations at their highest levels so far this year, U.S. economic data remain relatively positive, which is supporting equity markets, Streible added.

Streible said that with his current bearish outlook, he expects gold prices to fall to key support at $1,250 an ounce.

 

Source: Kitco News

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POPULAR NEWS
Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Nikkei Rises on Financials and Exporters; Builders Off Lows

Japanese stocks scored their biggest rise in over a month on Monday with financials and exporters in hot demand, while construction shares bounced after sliding on news that prosecutors had raided the headquarters of at least two builders for alleged antitrust violations. The Nikkei share average finished 1.55 percent higher at 22,901.77, its biggest gain since Nov. 7 and its highest closing level in a week. The broader Topix advanced 1.36 percent to 1,817.90. Sentiment was boosted by a...

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