Strength in the dollar kept broader metal markets depressed, as investors awaited more economic cues from U.S. consumer price index (CPI) inflation data due on Thursday
Non-yielding assets such as gold and other precious metals logged steep losses this week. Spot gold steadied at a one-month low of $1,926.20 an ounce, while gold futures expiring in December were flat at $1,960.05 an ounce by 20:12 ET (00:12 GMT). Both instruments were trading nearly 1% lower for the week.
Dollar rise causes gold to plummet to the price zone 1922, the lowest level in the past 1 month, I think it will continue to decrease, we should play short,to be safe we should establish a buy order as soon as the price moves to the last support zone 1922 - 1925.
What is your idea? Let me know below in the comments! Thank.
Non-yielding assets such as gold and other precious metals logged steep losses this week. Spot gold steadied at a one-month low of $1,926.20 an ounce, while gold futures expiring in December were flat at $1,960.05 an ounce by 20:12 ET (00:12 GMT). Both instruments were trading nearly 1% lower for the week.
Dollar rise causes gold to plummet to the price zone 1922, the lowest level in the past 1 month, I think it will continue to decrease, we should play short,to be safe we should establish a buy order as soon as the price moves to the last support zone 1922 - 1925.
What is your idea? Let me know below in the comments! Thank.
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