Free Trial

As the dollar rises our precious yellow........>

GOLD: As the dollar rises our precious yellow metal falls, in the overnight
session hitting a 6-week low, only recovering when the dollar began to drop off.
The strong dollar is influenced by hawkish comments from the Fed, yesterday Fed
George supported Fed Chair Yellen's and Rosengren's hints further towards a Dec
rate hike and Pres. Trump announced tax cuts in the reform which was well
received in the markets. Gold steadied coming into Asia on the weaker dollar but
again seeing downside in the second half on more dollar strengthening, USD/JPY
at 112.62.
- Levels are currently: Last down $2.34 at $1284.96
- MNI technical analysis sees support at $1281.8 - Hourly support Sept 28 and
resistance at$1289.5 - Alternating daily support/resistance, 55-DMA.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.