Forex Marketz Daily Forex News – Fully Markets Update
The price of gold continues to fall lower this morning as investors weigh the probability of another interest rate hike from the Federal Reserve. This pushed the U.S. dollar and Treasury yields higher. In turn, this sapped the appeal of anti-fiat asset classes like the yellow metal. The bullion’s latest move downward, near seven week lows, comes after Better than expected U.S. manufacturing ISM survey. The survey put the pace of factory-sector growth at the fastest since May 2004.
This morning, spot gold (XAU/USD) was up 0.21 percent at $1,273.40 an ounce. This comes after the dollar and Treasury yields moved off from earlier highs. However, the price of the yellow metal did touch $1,267.76. This is its lowest level since August 15. The yellow bullion is now down more than six percent from a one year high of $1,357.54. This was set in early September.
U.S. gold futures, for December delivery, were at $1,274.70 an ounce.
Gold Technical Analysis
Looking at today’s daily technical analysis for the precious metal, gold prices are till edging lower. A daily close below the near term technical support that lines up at 1,260.75 will challenge the next downside barrier that lines up at $1,244.40 per ounce. This level is supported by a rising trend line in play since December 2016.
The alternative daily technical analysis notes the first upside barrier lining up at $1,279 per ounce. A close above this level challenges the next layer of technical resistance that lines up at a congestion zone that runs to the September 21 low. This area is at 1,287.20 to 1,288.27.
