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Aussie higher, gold under pressure

Tuesday, Jul 28 2015
There were no major data releases from Australia this morning, Aussie managed to rebound, however this is only of a short-term basis. Commodities are crashing, stocks selling off, confidence in the Chinese economy falling sharply and the Federal Reserve increasingly looking like it will begin its tightening cycle this September. Overnight, Chinese stock market regulators vowed to intervene to stem a massive sell-off triggered by last week’s decline in the Caixin PMI manufacturing index.
 
Gold remained on under pressure in the Asian session as traders sold off to book profits after Monday’s rally. Gold traded as high as 1104 on Monday as markets moved to risk off mode after the Chinese equities markets tumbled sparking fear in investors. Gold is trading at 1092.60 down by $4.30 in the morning session as traders recover and focus turns to the Federal Reserve meeting beginning today. The US dollar tumbled yesterday and remains flat in Asia at 96.62. Silver eased to 14.545 and platinum gave up $4 to 978.20.
 
Aussie is currently being traded few points above 0.73 handle. Pair is likely to find support around 0.7270 and resistance above 0.7350 area. Later today, in the US session, CB Consumer Confidence figures are scheduled for a release.
More in this category: « Durable Goods Orders up by 3.4% UK GDP increased by 0.7% »

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