Daily Analysis - 29/11/2019
On Friday, Gold continued moving towards its worst month in three years while expectations for an introductory US-China trade agreement buoyed interest for riskier assets and the greenback. Spot gold was unchanged at $1,458.59 per ounce. US gold futures climbed 0.3% to $1,457.79. For the current month, gold fell almost 4%, to its lowest level in the last three years, while confidence concerning a contract between Beijing and Washington depressed need for the safe-haven metal. Brian Lan of Singapore dealer GoldSilver Central said ″(Gold) Market definitely is divided because previously most people were thinking that a trade deal is going to happen, and now they are not sure, and that reflects in the trading prices”.
On Friday Asian Stocks and currencies moved below, while investors remain in focus for any new progress about US-China trade deal following a new rise in tensions over Hong Kong. Elsewhere, Japan’s Nikkei 225 slid 0.49% to close at 23,293.90 while the Topix index dropped 0.51% to end its trading day at 1,699.35.
On Friday Oil fell in calm trading with the US Thanksgiving celebration for sure restricting oil's movement. Traders further, anticipated a gathering of OPEC and its partners next week. In that meeting, we expect another extension of a production cut deal to boost the market. West Texas Intermediate (WTI) futures fell 15 cents, to $57.96 a barrel. Brent crude futures settled at 28 cents lower at $63.58 a barrel. Brent futures moved towards another small profit of 0.3% for the week.
Today the popular Greenback continued to head for its most important 5-day close versus the safe-haven yen since last May. That while numbers revealed that the US economy is solid for now.
Fears and anxiety continued though, while other major currencies had a very volatile experience due to trade war titles that allowed few signs regarding the time or how a deal might be agreed between the US and China.
Trading CFDs involves a significant risk of loss that may not be suitable for all investors. Please ensure you fully understand the risks and take appropriate care to manage your exposure.
71.9% of retail CFD accounts lose money. Read more