LessThunk.com

DAILY COMMENTARY

 

Gold Under Pressure First Trading Day of November; Hits 4-Week Low | Kitco News

One week after the Federal Open Market Committee (FOMC), gold futures prices are still hurting and trading lower on this first trading day of November. Gold prices hit a four-week low overnight. December gold was last quoted down $5.40 at $1,136.00 an ounce. Pressuring the metal, is the perceived higher odds of a U.S. Federal Reserve interest rate hike in December, said Kitco Metals’ Senior Technical Analyst, Jim Wyckoff in an interview with Kitco News on Monday. ‘The gold and silver markets have been reeling since last week’s hawkish FOMC statement,’ he said. Technically, Wyckoff explained, the gold bears have the near-term technical advantage as prices have been trending lower for the past two and one-half weeks. ‘Prices Friday closed at a bearish weekly low close and hit a four-week low today. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,170.00. Bears’ next near-term downside price breakout objective is closing prices below solid technical support at $1,100.00,’ he said. Adding to gold’s downside pressure was weak economic data coming out of China Monday. The Caixin China manufacturing purchasing managers’ index (PMI) rose to 48.3 in October from 47.2 in September. A reading below 50.0 suggests contraction in the sector. ‘The news helped to pressure Asian stock markets and raw commodity futures prices, including gold, silver and crude oil. China is the world’s largest raw commodity importer,’ Wyckoff said. Kitco News, November 2, 2015.

Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: http://www.kitco.com/newsletter

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews
http://www.youtube.com/watch?v=fw0TdnrladY


Categorised as: interesting

Posted by: Milloon

Comments are disabled on this post


Comments are closed.



Disclaimers – All content here is NOT presented as investment advice; LessThunk is NOT endorsing any website or specific investment by displaying external links.

We may or may-not (coincidentally) hold some quantity of stock or other investment related to any given post, no endorsement is implied in any sense.

css.php