5 Dec 2013
Huge Gains in AU
FXstreet.com (London) - The yellow metal has posted its biggest gains in several weeks while commodities rallied on demand for Oil and hedging requirements took form.
The USD slid as Gold made its advances on support form commodities on a technical basis. Prices across the Spot Gold market have started to come off from above $1,250 and last reading a high of $1,242.79. Meanwhile, AU has actually fallen over 25% this year as markets started to adjust to a recovery. This week is heating up now with key data releases as the realisation that a QE taper in December is still possible with that key FOMC meeting approaching on 17th-18th December, which will likely encourage some reduction in risk.
Meanwhile, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to came in at 444K vs 432 consensus. Next up we have US GDP, jobless claims data and the NFP’s on Friday.
The USD slid as Gold made its advances on support form commodities on a technical basis. Prices across the Spot Gold market have started to come off from above $1,250 and last reading a high of $1,242.79. Meanwhile, AU has actually fallen over 25% this year as markets started to adjust to a recovery. This week is heating up now with key data releases as the realisation that a QE taper in December is still possible with that key FOMC meeting approaching on 17th-18th December, which will likely encourage some reduction in risk.
Meanwhile, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to came in at 444K vs 432 consensus. Next up we have US GDP, jobless claims data and the NFP’s on Friday.