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POPULAR NEWS
Gold Declines After U.S. Pauses Trade War, Dollar Rises

Gold drops after Treasury Secretary Steven Mnuchin says U.S. is putting trade war with China on hold, boosting risk-on sentiment in markets. Treasury yields edge higher, dollar strengthens. Bullion for immediate delivery -0.4% to $1,288.06/oz at 12:10pm in Singapore. Metal -2% last week, biggest weekly drop since December. Silver -0.4% to $16.3820/oz. Bloomberg Dollar Spot Index +0.2%, highest level this year.  Yield on 10-year Treasuries +1 bp to...

Trump Says He'll Order DOJ Probe of Alleged Campaign Surveillance

President Donald Trump says he will order an investigation Monday into claims an FBI informant infiltrated his 2016 election campaign “ setting up a potential showdown with the Justice Department. œI hereby demand, and will do so officially tomorrow, that the Department of Justice look into whether or not the FBI/DOJ infiltrated or surveilled the Trump Campaign for Political Purposes - and if any such demands or requests were made by people within the Obama Administration!, Trump...

Gold Drops After U.S. Pauses Trade War, Dollar Rises

Gold declines after Treasury Secretary Steven Mnuchin said the U.S. was putting the trade war with China on hold, boosting risk-on sentiment in markets. Treasury yields edge higher, dollar strengthens. Bullion for immediate delivery -0.3% to $1,289.77/oz at 8:27am in Singapore. Metal -2% last week, biggest weekly drop since December. Bloomberg Dollar Spot Index +0.1%, near highest level since this year. Yield on 10-year Treasuries +2 bps to 3.08%. œThis...

Tokyo stocks open higher as yen eases

Tokyo stocks opened higher on Monday supported by a cheaper yen as worries over a trade war between the US and China eased. The benchmark Nikkei 225 index gained 0.12 percent, or 28.37 points, to 22,958.73 in early trade, while the broader Topix index was up 0.01 percent or 0.23 points, at 1,815.48. The dollar was quoted at 111.00 yen in early Asian trade, up from 110.68 yen in New York late Friday. The dollar firmed slightly after the finance ministry said Japan's overall trade surplus...

Hong Kong stocks open with gains after trade war between the US and China eased

Hong Kong stocks started Monday on a positive note after the US and China said they had called off threatened tariffs and backed off from a trade war. The Hang Seng Index rose 0.60 percent, or 184.88 points, to 31,232.79. And the benchmark Shanghai Composite Index added 0.40 percent, or 12.88 points, to 3,206.18, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, climbed 0.54 percent, or 9.94 points, to 1,838.73. Source : AFP

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Gold Prices Need To Hold $1,280 As U.S. Dollar Moves Higher - Saxo Bank
Wednesday, 2 May 2018 15:28 WIB | GOLD CORNER |Gold OutlookGold Corner

The gold market, which is trading at a four-month low is entirely at the mercy of the U.S. dollar, which is seeing a surge in momentum, pushing to a four-month high, according to one commodity analyst.

Ole Hansen, head of commodity strategy at Saxo bank said in a report Monday that the two support levels he is watching very closely are $1,300 an ounce and then $1,280 an ounce.

œMultiple failures since 2016 in breaking above an area between $1,365 and $1,375/oz has left the [gold] market nervous with the focus once again on finding support. He said. œThe potential success of these two levels in capping the downside at this stage is mostly in the hands of the dollar and its short-.term trajectory.

Hansen™s comments come as the gold prices have fallen to within a hair™s breadth of his first initial support target. June gold futures last traded at $1,307.10 an ounce, down 0.92% on the day and its lowest level since late December. The selling pressure in gold was exacerbated after prices fell below the 200-day moving, which came in at $1,313.50 an ounce. Meanwhile, the U.S. Dollar Index is currently trading at 92.37 points, the highest level since early January. Momentum picked up as the index broke above its 200-day moving average, which comes in at 92.01 points.

Unfortunately for the gold market, Hansen said that the U.S. dollar could continue to push higher as investors cover their massive short position. Trade data, he explained shows speculative bearish positions against the U.S. dollar are starting to shift after hitting a seven-year high.

œThe current strength of the dollar, driven by short-covering, rising bond yields and a slowdown in Europe, has rattled a market which previously held a general belief that the greenback would continue to weaken, he said.

Although gold appears directionless, the near term Hansen said that there are positive long-term trends for the precious metal, including an overall uptrend within the commodity sector, higher inflation pressures and ongoing geopolitical uncertainty, even if tensions have eased recently.

œThe threat of trade war between the US and China and more importantly the US and Iran remains in place and both could quickly reverse the current lack of focus, he said.

Hansen added that while the futures market has suffered, there is still healthy demand from retail investors as physical holdings of gold-backed exchange traded products has risen to their highest level since 2013, totaling 2,341 tonnes.

Source: Kitco News

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POPULAR NEWS
Gold Declines After U.S. Pauses Trade War, Dollar Rises

Gold drops after Treasury Secretary Steven Mnuchin says U.S. is putting trade war with China on hold, boosting risk-on sentiment in markets. Treasury yields edge higher, dollar strengthens. Bullion for immediate delivery -0.4% to $1,288.06/oz at 12:10pm in Singapore. Metal -2% last week, biggest weekly drop since December. Silver -0.4% to $16.3820/oz. Bloomberg Dollar Spot Index +0.2%, highest level this year.  Yield on 10-year Treasuries +1 bp to...

Trump Says He'll Order DOJ Probe of Alleged Campaign Surveillance

President Donald Trump says he will order an investigation Monday into claims an FBI informant infiltrated his 2016 election campaign “ setting up a potential showdown with the Justice Department. œI hereby demand, and will do so officially tomorrow, that the Department of Justice look into whether or not the FBI/DOJ infiltrated or surveilled the Trump Campaign for Political Purposes - and if any such demands or requests were made by people within the Obama Administration!, Trump...

Gold Drops After U.S. Pauses Trade War, Dollar Rises

Gold declines after Treasury Secretary Steven Mnuchin said the U.S. was putting the trade war with China on hold, boosting risk-on sentiment in markets. Treasury yields edge higher, dollar strengthens. Bullion for immediate delivery -0.3% to $1,289.77/oz at 8:27am in Singapore. Metal -2% last week, biggest weekly drop since December. Bloomberg Dollar Spot Index +0.1%, near highest level since this year. Yield on 10-year Treasuries +2 bps to 3.08%. œThis...

Tokyo stocks open higher as yen eases

Tokyo stocks opened higher on Monday supported by a cheaper yen as worries over a trade war between the US and China eased. The benchmark Nikkei 225 index gained 0.12 percent, or 28.37 points, to 22,958.73 in early trade, while the broader Topix index was up 0.01 percent or 0.23 points, at 1,815.48. The dollar was quoted at 111.00 yen in early Asian trade, up from 110.68 yen in New York late Friday. The dollar firmed slightly after the finance ministry said Japan's overall trade surplus...

Hong Kong stocks open with gains after trade war between the US and China eased

Hong Kong stocks started Monday on a positive note after the US and China said they had called off threatened tariffs and backed off from a trade war. The Hang Seng Index rose 0.60 percent, or 184.88 points, to 31,232.79. And the benchmark Shanghai Composite Index added 0.40 percent, or 12.88 points, to 3,206.18, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, climbed 0.54 percent, or 9.94 points, to 1,838.73. Source : AFP

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