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Gold on the upside but still weak

Gold managed to retrace to the upside but resumes being weak, amid the increasing hopes that a rate hike in the U.S. could take place soon, close to the end of this year.

Gold's December delivery 0.14% upper

On the New York Mercantile Exchange in the Comex division, December's gold delivery traded to $1,254.85, 0.14% higher.

During Thursday' session, December's contract ended at $1,253.00 an ounce, 1.23% weaker.

Gold futures will likely find resistance at Wednesday’s high, $1,374.00, and support on Thursday’s low, $1,249.90.

Furthermore, the greenback was supported yesterday, after the initial jobless claims in the U.S. reported a drop to 249,000, a 5,000 decrease, for the week that ended October 1. The estimations were for appreciation to 257,000.

Moreover, the U.S. dollar index traded at 97.08 and was 0.43% higher. Elsewhere, the copper futures traded to $2.150 a pound, and the silver futures declined to $17.237 a troy ounce, falling 0.62%.

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Friday, 07 Oct, 2016 / 8:39

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Source : https://www.argusfx.com/en/research-education/market-analysis/news/gold-on-the-upside-but-still-weak

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