Article By RoboForex.com
The price of Gold has dropped 4.7% this week, leading largest loss of the year so far. Gold dropped under the important support at 1300 USD and so reaching pre-Brexit levels. Historically rising interest rates have not been a good environment for the yellow metal, as it does not give pay interest. Recent good US economic data has schon the US economy to be robust, in turn cementing investor opinion of an impeding interest rate increase by the Fed. Additionally hedge funds have built up long positions of 291904 contracts, which is the highest amount ever held. In comparison, hedge funds held 19102 at the end of last year.
The DAX is in a sideways trend. Resistance is at 10820, support at 10250.
The Euro is in a large sideways trend against the Dollar. Support is at 1.0822, resistance at 1.1429.
The USD is in an upward trend.
Gold is in a downward trend.
Free Reports:
WTI Oil is trending sideways . Resistance is at 50.66USD and support at 42.72 USD.
The Dax closed slightly lower on Thursday, losing 0.16%. Investors were sidelined ahead of today´s important jobs data. Positive prices were seen in single stocks, Osram rising 10.36% to 59.95 EUR on speculation that a Chinese investor will offer 70 EUR in a takeover. Bilfinger rose 5.68% on the back of a large order from the Norwegian gas and oil industry. Apple´s supplier Dialog Semiconductor released good turnover figures, leading to a gain of 7.34% and to speculation that Apple´s quarterly numbers might also be strong. US markets were largely unchanged. The USD trades up against the Euro and slightly weaker against the Yen. Gold and WTI Oil are unchanged.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.