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.
Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
The United States will release MoM Retail Sales data on September 16, 15:30 GMT+3.