Free Trial

Precious gold was last at $1277.24, coming.....>

GOLD
GOLD: Precious gold was last at $1277.24, coming to week end up as the market
digests Thursday's unveil of tax reforms... the market now looks to Friday's
Payrolls figures which last month slumped after hurricane season.
- ANZ Said: "Gold prices had a wild ride as investors dealt with a stronger USD.
President Trump's new tax plan saw the USD fall, with gold pushing near
USD1285/oz. However, selling soon emerged and prices gave back all their gains.
With plenty of leaks in the last week, investors reacted calmly to the news that
President Trump nominated Powell as the new Fed chair. Powell has been
supportive of Chair Yellen's strategy of gradual tightening."
- MNI Technical analysis sees support at $1272.5 - Hourly support Nov 1 and
resistance at $1284.1 - High Nov 2. Hesitation ahead of the 200-DMA continues as
do higher daily lows although the break of the 21-DMA and $1283.7 resistance has
so far lacked follow through. Bulls now need a close above $1284.1 to shift
initial focus to $1291.1-1296.5 where the 55-DMA is found.

To read the full story

Close

Why MNI

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.