Sudden spikes? Yes, please! Gold is above $1,800, finally!
Gold goes down notwithstanding dismal China’s data
On Thursday, in Asia, gold slipped notwithstanding the fact that China posted weaker-than-anticipated industrial output data.
On the Comex exchange, April delivery gold futures dived by 0.5% hitting $1,303.35 per ounce. The yellow metal stood above the major $1,300 level having reached a two-week maximum of $1,309.60 on Wednesday.
Eventually, China’s industrial output rallied at the slowest tempo for 17 years for the first two months this year. In January and February, the country’s factory output went up by 5.3% year-on-year that appears to be the lowest outcome since 2002.
The given data sent China’s shares down, although prices of the safe-haven yellow metal weren’t affected a lot.
Meanwhile, in the United Kingdom, lawmakers are expected to vote on whether to extend the Article 50 after they denied the idea of departing from the European bloc without a Brexit agreement.
The Article 50 happens to be the provision of the EU treaty under which Great Britain is departing from the trading bloc.
On Wednesday, American data revealed that producer prices rallied in February that appears to be the latest indication that inflation is still tame. It affirmed hopes that the Major US bank would keep to its patient stance as for future tightening.
Evaluating the evergreen buck’s purchasing power in contrast with its main counterparts the USD index surged by 0.1% hitting 96.632.
Today China-US trade negotiations also gained some attention today after American leader proposed to push back a summit with China’s leader Xi Jinping until a final agreement on trade is reached.
As Trump revealed to reporters, they can really complete the deal and the final points need to be negotiated.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!