Why Gold is less Passionate Movement yesterday when NFP Release
6 September 2015, 17:58
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The price movement of gold is less a result of passionate action gold traders are still awaiting the report of NFP night later, as a sign of whether the Fed will raise interest rates are tribe this month. After yesterday's gold prices weakened depressed by a rise in the dollar.
Gold traded stable at 1, the Stock Exchange's Comex 124.30. Gold futures contracts are likely to find support at USD 1, the lowest since August 27, 118.40 and resistant on point 1, the highest 140.40 last Wednesday.
Yesterday the Us dollar strengthened after the European Central Bank (ECB) indicatedwill extend the Quantitative Easing program amid increasing downside risk on the Outlook for inflation they are.
The ECB cut its economic growth projections and inflasinya by citing low oil prices andthe economic slowdown in China as the reason. The statement appeared post-ECBmaintains interest rate of reference at the low level of 0.05 percent, in line withconsensus expectations.
Investors still observe the release of NFP as a further indication of the rise of the economy and as a signal the possibility of a rise in interest rates by the US Central Bank this month. "The Employment Report strengthened will increase the chances of a rise in interest rates, raised the price of the us dollar and gold dropped down.
Instead, the report is not good will temper the rise in interest rates and dropping off the gold price to rise, "said Howie Lee, analyst from Phillip Futures
A poll conducted by Reuters on economists estimate there are 220,000 jobs in non-farm sectors created in the us in August. Data released Thursday showed that individuals who filed unemployment claims in the United States on the weekend untilAugust 29th, Ascend 12,000 be 282,000 from the previous week's 270,000.
According to officials of the Fed and economic experts, employment and wage growth in August should tend to be very strong to support the policy of interest rateincreases that may be taken of the Fed this month; While a sharp decline in stocks, bonds and currencies need to be removed.https://www.mql5.com/en/signals/111434
