Is Gold going under?

Daily Analysis - 29/11/2019

Gold approaches worst month in 3 years

gold-sinks


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”.

Hong Kong drives Asia down


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.

popup_close
usdjpyh1-15

Oil down amid low interest


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.

popup_close
cl-jan20h1-8

Greenback still strong


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.

popup_close
eurusdh1-30

Upcoming Events

  • Time
  • Currency
  • Event
  • Forecast
  • Previous
  • 10:00 GMT
  • EUR
  • CPI (YoY) (Nov)
  • 0.9%
  • 0.7%

This website uses cookies to ensure best possible user experience. Read more

Accept