Every week we expect many interesting events that can shake the market.
Gold dives in Asia on stronger greenback and poor China demand
On Tuesday, gold sank in Asia because overnight greenback revenues extended into the region, thus making the dollar-denominated commodity less affordable, and with dismal demand as China markets are unavailable for a week-long holiday.
December delivery gold futures lost 0.21% in New York trading at $1,273.15 a troy ounce.
In Asia, the dollar index went up 0.22% reaching 93.69.
Overnight, gold slid to seven week minimums amid a sag in safe-haven demand after manufacturing data topped hopes pushing yields as well as the US currency to session maximums.
This week the number one precious commodity contributed to losses from last week because market participants kept unwinding their bullish bets on gold after positive manufacturing reports pointed to underlying strength in the American economy.
Net bullish bets on gold went down to 212,600, as the Commodity Futures Trading Commission reported on Friday.
How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
A new week means new trading opportunities! Here are some events that can fluctuate the market actively…
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.