Gold reaches fresh 4-week maximums on USD selling

Gold reaches fresh 4-week maximums on USD selling

On Wednesday, gold futures on Comex managed to extend its winning marathon into a fifth day. It’s because broad-based USD sell-off gathers tempo amid quite thin trading conditions.

Gold reversed more-than 75% of the latest sag to five-month minimums of $ 1238 levels because the bulls do their best to get back to the $ 1300 level, with a generalized selling in the US currency providing the much-needed impetus to gold.

Heading into the New Year, financial markets look for safety in gold because EU political instability, North Korean nuke threats and Fed rate lift hopes are still the major risks going forward.

Furthermore, the everlasting strength in gold prices can be also explained by repositioning ahead of the yearly close – financial markets took profits off the table after the recent tumble to multi-month minimums.

Market experts told that February delivery gold futures have soared almost $50 since December 12, when they leapt to 1237.40 correction objective.



The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

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Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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