Gold Rises, Market Mixed as Thursday events

Gold Rises, Market Mixed as Thursday events

Gold Rises, Market Mixed as Thursday events

Gold is rising, and near its highest level for the year.

The price of the gold rose to 1296, higher than it has been since November. The Commodity is up 2.5% over the last year and 4.2% over the last three months.

Gold is often thought of as a safe haven asset, and prices often rise when amid uncertainty in the world. Other safe haven investments, like Treasuries, are also rising on Tuesday. Meanwhile, stocks futures point to a lower market open.

The geopolitical climate has hit a big of a rough patch in the last week or so. On Monday, several Gulf States cut diplomatic ties with neighboring Qatar in response to “gross violations committed by authorities in Qatar over the past years.”

Last week, after his first trip abroad, President Trump announced he would be pulling the US out of the Paris Climate Accord, which led to a lot of criticism from world leaders.

And, after a terrorist attack on London Bridge, polls suggest the Thursday general election in the UK will be closer than Prime Minister Theresa May had hoped. Polls are now suggesting the possibility of a hung parliament.

None of these events can be tied directly to the rising gold prices, but global anxieties are growing and some investors might see gold as an attractive place to park their money until things calm down.

The Yen outperformed Group-of-10 currencies on haven demand while the pound also gained against the dollar ahead of Thursday’s U.K. election.

EURUSD – The common currency is little changed at 1.1283. The pair trimmed previous losses as buyers surfaced at around 1.1245. The RSI divergence is casting a shadow on a rally extension while analysts over at BofAML said that the risks on the downside for the currency pair from the ECB meeting.

 

EUR/USD

 

GBPUSD – The cable rose to 1.2950, the third day of gains with a resistance seen at 1.2982 at the 76.4% Fibonacci level. 1-week volatility rises to 13.27, the highest among the G-10 countries. Any close above the 21-DMA at 1.2918 could restore the bullish sentiment.

 

GBP/USD

 

USDJPY – The yen rose 0.6% to 109.74 per dollar as of 11:08 am London time, after a high of 109.22. The USDJPY holds French Elections gap and Fibonacci support at the 233-DMA at 109.29. Safe Haven bets on the currency pair have reignited after the whole Gulf debacle.

 

USD/JPY

 

 

USDCAD – The Canadian dollar is heading towards a very important support at the 1.3430. Should that level be deemed too weak to hold the pair afloat, the drop in the CAD will extend towards May’s lows of 1.3390.

 

USD/CAD

 

AUDUSD – The Aussie rose at 0.7522 as a high on Tuesday after it earlier slipped to 0.7457 after the RBA kept its benchmark interest rate unchanged as was market forecasts.

 

AUD/USD

 

Dow Jones – The Dow Jones has eliminated the winnings from Friday’s Employment Data Report. The next support on the index is near the 21100. The index is reacting to the recent speech my President Trump and his decision to leave the Paris Climate Accord.

 

 

Now is your chance to make a profit!

Open an account here!

 

***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.

 

 

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