6 Sep 2013
Reminiscences of golden glories shadowed by today’s results
FXstreet.com (Chicago) – Metals register mixed results ahead of Tokyo’s opening. Two years ago, gold printed all-time records after reaching $1,921.15/oz. Commemorating such records, Bloomberg surveyed top analysts to get an assessment on the potential direction of the metal. With even outlooks amid the potential attach to Syria but also the not so improbable Fed’s decision to taper the bond-buying program in the United States, uncertainty is reflected on the futures high volatility this past week.
At $1,368.40, gold retraced from $1,368.70 highs after bouncing off $1,365.50 lows for a 0.34% accumulation of losses. Silver continued giving in gains after retracing from $23.68 peaks and yet bouncing off $23.04 lows to now trade at $23.24 and accumulate 0.77% losses so far. Palladium is also in the negative with a current price at $685.70 after falling from $686.70 highs and bouncing off $685.50 lows. The metal accumulates 0.22% losses so far. On the contrary, platinum registers wins with an increase of 0.22% after bouncing off $1,483.10 lows and suffering a small retracement from $1,485.70 highs to trade at $1,485.40. Copper is also up with 0.03% gains to trade at $3.2450 (session lows) after retracing from $3.2485 highs.
Earlier today, the US released better than expected data with the ADP employment at 176K vs. past 198K and expected 180K. Initial jobless claims were 323K vs. past 332K and expected 330K. Nonfarm productivity beat expectations in the country with results at 2.3% vs. past -1.7% and expected -3.3%. The ISM non-manufacturing PMI was 58.6 vs. past 56.0 and expected 55.0. The Fed is meeting on September 17th and 18th to decide on the monetary stimulus created to bolster economic development in the country. In regards to Syria, Obama has not taken a definitive decision as the votes from Congress supporting the military strike are not due yet.
At $1,368.40, gold retraced from $1,368.70 highs after bouncing off $1,365.50 lows for a 0.34% accumulation of losses. Silver continued giving in gains after retracing from $23.68 peaks and yet bouncing off $23.04 lows to now trade at $23.24 and accumulate 0.77% losses so far. Palladium is also in the negative with a current price at $685.70 after falling from $686.70 highs and bouncing off $685.50 lows. The metal accumulates 0.22% losses so far. On the contrary, platinum registers wins with an increase of 0.22% after bouncing off $1,483.10 lows and suffering a small retracement from $1,485.70 highs to trade at $1,485.40. Copper is also up with 0.03% gains to trade at $3.2450 (session lows) after retracing from $3.2485 highs.
Earlier today, the US released better than expected data with the ADP employment at 176K vs. past 198K and expected 180K. Initial jobless claims were 323K vs. past 332K and expected 330K. Nonfarm productivity beat expectations in the country with results at 2.3% vs. past -1.7% and expected -3.3%. The ISM non-manufacturing PMI was 58.6 vs. past 56.0 and expected 55.0. The Fed is meeting on September 17th and 18th to decide on the monetary stimulus created to bolster economic development in the country. In regards to Syria, Obama has not taken a definitive decision as the votes from Congress supporting the military strike are not due yet.