Gold prices consolidated again on Thursday following two days of losses, but the bearish movement remains intact and the yellow metal is still set to post a third monthly decline this week.
The trade volume in the precious metals market has ebbed noticably ahead of US Thanksgiving holiday, but momentum kept lifitng stocks and Asian markets joined the rally in New York, as Wall Street closed at fresh record highs against the backdrop of better-than-expected jobs and confidence data.
Spot gold rose 0.21% to 1,240.90 as of 07:24 GMT, comparing with yesterday`s close at $1,237.90. The day`s range is so far between $1,235.21 and $1,242.28.
Expectations of stimulus tapering by the US Federal Reserve continue to weigh on bullion prices as the month nears to a close, while better-than-expected updates from the US labor market fueled concerns of an early reduction of the Fed`s gold-friendly stimulus.
The number of Americans filing for unemployment benifits fell unexpecteldy last week, while November Chicago PMI and final November reading for the Thompson Reuters/Univestiry of Michigan consumer sentiment index also beat expectations, suggesting that conditions continue to improve.
Strong data from the world`s largest economy oftens dents the gold`s safe haven appeal and boost stocks and high-yielding assets instead.
Technically, gold prices is still holding ground above the key support level of $1,234. However, we cannot assume the soft bullish movement will extend unless we recieve further proof of a breakout above the main intrday descending resistance, thus a breach to $1,252 will confirm the upside bias.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Gold Holds Ground After Two-Day Slide
Published 11/28/2013, 02:15 AM
Updated 07/09/2023, 06:31 AM
Gold Holds Ground After Two-Day Slide
Latest comments
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.