Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Gold sinks in Asia
On Friday, gold tumbled moderately in Asia because market participants searched for support from physical markets in India. As next month China will face a week-long holiday period, trade is expected to recede.
December delivery gold futures dipped 0.06% in New York being worth $1,287.88 a troy ounce.
Besides this next month India's festival season will burst out, with firm demand for physical gold.
Overnight, gold was nearly intact because the evergreen buck’s weakness capped downside momentum, although the precious metal was still under pressure amid investor hopes for a year-end interest rate lift.
Gold futures tried to cease the recent decline that has seen the number one precious commodity sag below $1,300, underpinned by a sink in the greenback that followed several mixed economic reports.
GDP inched up at a 3.1% annual rate during the April-June period, as the Commerce Department revealed in its third estimate on Thursday. It surpassed last estimate of 3%.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.