Gold tumbles after solid US data
After the FED cut rates by 25 basis points last Wednesday, but didn’t deliver any significant further impulses or signs in regards to future monetary policy steps, the ISM Non-Manufacturing data set yesterday pointed to a rise of 54.7 in October from a near 3-year low of 52.6 in September, beating market expectations of 53.5. Business activity, employment and new orders all grew at faster rates.
As a result, expectations among market participants of another FED rate cut by 25 basis points in December dropped to around 5%, making such a step very unlikely and pushed the yellow metal back below 1,500 USD.
If Gold bulls succeed in breaking above 1,520 USD, another test of the current yearly highs around 1,557 USD may be possible. However, currently the mode is bearish in the short term.
Nevertheless, the overall technical picture on a daily time-frame didn’t significantly darken, but instead brings now a potential mid-term long trigger around 1,440/450 USD into play.
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As a result, expectations among market participants of another FED rate cut by 25 basis points in December dropped to around 5%, making such a step very unlikely and pushed the yellow metal back below 1,500 USD.
If Gold bulls succeed in breaking above 1,520 USD, another test of the current yearly highs around 1,557 USD may be possible. However, currently the mode is bearish in the short term.
Nevertheless, the overall technical picture on a daily time-frame didn’t significantly darken, but instead brings now a potential mid-term long trigger around 1,440/450 USD into play.
Ready to start trading the live markets? Then open a free account with Admiral Markets - 8,000+ instruments to choose from, some of the market's tightest typical spreads, and the world's #1 multi-asset trading platform. [url=admiralmarkets.com/start-trading/ ]admiralmarkets.com/start-trading/
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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