Gold records most impressive push in a month

Discussion in 'Metals' started by Profiforex_Victory, Nov 29, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    Gold futures have recorded its most impressive gain in almost a month with an unsteady dollar. Gold has pushed up to a high of 17 months.

    So far the American dollar has been suffering from a decline in Treasury yields. The decline in Treasury yields have largely affected the strength of the US Dollar. This extensively improved the value of commodities. Gold 14-day relative-strength index was yet under 30 in the last six sessions, this indicated to a number of traders as well as analysts that gold has been oversold.

    So far the yellow metal has pulled down by over a margin of 6% for the month of November. Since Donald Trump won the US elections, there has been increased hopes that the US Federal Reserve would finally introduce the much anticipated interest rates hike by the month of December.

    One very important macroeconomic data that would suggest how well the Federal Reserve would bring in interest rates is the U.S. employment report. This will be published by Dec. 2 and could give deeper indication of how possible interest rates hike would be by the end of 2016.

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