According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Gold inches up
On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year.
The USD index, a gauge of the evergreen buck’s value versus a number of its six counterparts, ascended by 0.3%. It was underpinned by the Fed's minutes from its September policy gathering. The minutes revealed that the Fed intended to gradually ramp up interest rates in December and later.
On the Comex exchange, December delivery gold futures, which are America’s most actively traded contract, managed to head north by 0.2% being worth $1,230.10. It found itself on track to a profit of 1% on the week following a three-month maximum of $1,236.90 recorded on Monday.
Market experts pointed out that everything is considered, and the reaction in the yellow metal and silver to the 'more hawkish than anticipated ' Fed stance drops a hint that precious commodities have already factored in the likelihood of a return-to-normal rate structure.
On the Comex exchange December delivery silver futures initially gained on Thursday right before concluding down 5.9% coming up with an outcome of $14.64 a pound.
Having dived from a 2018 maximum of $1,343.80 in February, the yellow metal got back to $1,200 in August, thus reaffirming its status of the safe haven for risk-averse traders. Since then, the number one precious commodity has more or less held its ground, underpinned by geopolitical clashes, China's trade conflict with America as well as Italy's budget woes, which could impact the eurozone. American bond gains soaring to multiyear maximum have also taken some wind out of the greenback’s sails, backing the yellow metal.
This week, the yellow metal has gained strong support from traders trying to push this commodity to $1,250 or higher.
Today, the euro shows a double-top pattern against the CHF, which may be used by the bears if the pattern is confirmed.
Australia will publish the level of employment change and the unemployment rate at 2:30 MT on November 14.
The euro and the Australian dollar growing against the USD, the British pound in a correction after Monday's rise