The first glimmer of hope in oil industry
Observing news today one can easily get disappointed. However, things are getting better.
Gold edges down on stronger greenback
On Friday, gold moved lower because the week’s positive American data kept boosting optimism over the strength of the US economy and to back demand for the American currency.
In New York, April delivery gold futures tumbled 0.24%, being worth $1,242.10, the lowest outcome since March 21.
The April contract concluded Thursday’s session 0.69% lower, reaching $1,245.00 an ounce.
Futures were likely to gain support at $1,226.40, the minimum of March 21 and resistance at $1,253,60, which is Thursday’s peak.
The US dollar remained backed by a flurry of sturdy American data this week, including Thursday’s data on fourth quarter GDP as well as initial jobless claims.
The US dollar index, normally tracking the American currency’s value against a trade-weighted basket of six crucial currencies, stood still at 100.36, off a two-and-a-half week peak of 100.47 reached overnight.
A strong greenback has always weighed on gold. It’s because it dampens gold’s appeal as an alternative asset, simultaneously making dollar-priced commodities less affordable for holders of other currencies.
Similar
Gold price has dropped
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Analysts: how about $20 for Brent oil?
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Latest news
South Africa got ‘junk’ status from Moody’s
Moody’s downgraded the country to ‘junk’ status on Friday.
The US has joined the rest of the world in recession
The US economy has been hit hard by the coronavirus outbreak.
USD: waiting for the reaction of the US purchasing managers
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
Deposit with your local payment systems
