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Gold begins the week on a positive note

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices advanced today as the Chinese equities dropped following a dismal PMI data and weaker Yuan fix by the PBOC.

    Eyes Wednesday’s high

    Prices currently trade 0.63% higher on the day around USD 1123/Oz and appear on track to re-test the cyclical high of USD 1128.12 (Jan 27 high) levels. The metal has been on a two-week winning streak mainly on account of its safe haven appeal.

    Friday’s risk-on appears to have ran out of steam due to weakness in the Chinese equities, Furthermore, prospects of fresh currency war appears to be supporting the yellow metal. Ahead in the day, the metal traders would closely watch the US personal spending report.
    For more information, read our latest forex news.
     

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