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18 Oct 2013
Touch down on $1,320 golden front
FXstreet.com (Chicago) – Metals advanced after negative comments from American politicians and continued talks about losses incurred due to the 2-week government shutdown. Baffled by pessimism, the greenback followed an opposite price movement to a rising gold that gains value.
Metals recap
Gold regained the $1,300 key psychological zone printing highs at $1,324.20 and bouncing off from $1,273.70 lows. Now offered at $1,320.40, gold accumulated 2.97% daily gains so far. Silver retouched the $22 front and is offered at $21.91, registering lows at $21.10 and highs at $22.20. Platinum is up 2.82% and trades at $1,437.60 with lows at $1,393.20 and highs at $1,439.10. Palladium is also up printing advancements at 3.73% to trade at $740.15 and with lows at $713.15 and highs at $741.25. Finally, copper is offered at $3.3015 losing 0.20% and marking lows at $3.2710 with highs at $3.3250.
Dollar sell-off
Ahead of GDP data in China along industrial production, retail sales results and urban investment data, market participants process estimates of when the Fed will be tapering.
According to Ivan Delgado, head of Asian editors at FXstreet.com “news about a Chinese agency downgrading the US had little to do with the USD sell-off, with the main driver to dump the world's reserve currency being renewed expectations that the Fed is going to maintain the 'QE status quo' well into 2014, with a growing number of analysts calling Q2 as the absolute earliest”.
Metals recap
Gold regained the $1,300 key psychological zone printing highs at $1,324.20 and bouncing off from $1,273.70 lows. Now offered at $1,320.40, gold accumulated 2.97% daily gains so far. Silver retouched the $22 front and is offered at $21.91, registering lows at $21.10 and highs at $22.20. Platinum is up 2.82% and trades at $1,437.60 with lows at $1,393.20 and highs at $1,439.10. Palladium is also up printing advancements at 3.73% to trade at $740.15 and with lows at $713.15 and highs at $741.25. Finally, copper is offered at $3.3015 losing 0.20% and marking lows at $3.2710 with highs at $3.3250.
Dollar sell-off
Ahead of GDP data in China along industrial production, retail sales results and urban investment data, market participants process estimates of when the Fed will be tapering.
According to Ivan Delgado, head of Asian editors at FXstreet.com “news about a Chinese agency downgrading the US had little to do with the USD sell-off, with the main driver to dump the world's reserve currency being renewed expectations that the Fed is going to maintain the 'QE status quo' well into 2014, with a growing number of analysts calling Q2 as the absolute earliest”.