Gold markets still in a downtrend
With no major data releases from Australia this morning traders are focused on commodity prices and developments in China. Gold continued to trickle down dipping $1.40 this morning to trade at 1136.90. Gold settled down on Tuesday amid easing anxiety of a possible stock market meltdown after China cut its benchmark interest rates to boost a faltering economy. The move encouraged investors back to equities with some bargain hunting evident in the process.
In other precious metals Palladium dropped 0.7 per cent to 534.30 an ounce, extending a 6.3 per cent plunge on Tuesday to the lowest close since Sept 21, 2010. Silver for immediate delivery retreated 0.6 per cent to 14.6103 an ounce, while platinum was unchanged at 977.25.
Aussie is currently being traded few points above 0.7130 level. Pair is likely to find support around 0.7050 area and resistance above 0.72 handle. Later today, in the US session, Durable Goods Orders figures are scheduled for a release.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419