Forex Marketz Daily Forex News – Fully Markets Update
The price of gold futures contracts were steady as the dollar was softer this morning. Investors are watching the shutdown of the United States government which has yet to agree on a budget.
As of 3 am GMT, spot gold (XAU/USD) was fairly flat. The contract was trading at $1,331.57 an ounce. Spot gold lost 0.5 percent last week. It was its first weekly drop in six weeks.
U.S. gold futures fell 0.1 percent to $1,331.50 per ounce.
The U.S. dollar index, which tracks the dollar against a basket of Forex trading partner, was down over 0.5 percent to 90.155. The almighty dollar is broadly weaker this morning as the United States Government remains shuttered.
Gold Traders watch the Government Shutdown in the States
Funding for U.S. Federal agencies ran out at midnight on Friday. This funding is not being renewed thanks to a dispute between President Donald Trump and Democrats over immigration.
The Republican GOP and Democratic leaders of the U.S. Senate held talks on Sunday. They were seeking to break an impasse that has kept the American government shut for the past two days. It remains unclear if a deal will be struck to reopen the federal government by the start of the work week. The shutdown is headed into its third day on Monday.
Technically speaking, XAU/USD could revisit its January 18 low of $1,323.70 per ounce. This should be supported thanks to a wave pattern and a Fibonacci retracement technical analysis.
Looking at some of the other precious metals, this morning in Asia, spot silver gained about 0.1 percent to $17.01.
