EQUITY WORLD – Estimated the price of gold for next trade potentially weak with the rise of u.s. economic data. But it needs to be noted if a weakening Wall Street exchanges weaken Asian exchanges, will raise the price of gold.
Gold prices are expected to move in the range of $1.127 Support-$ 1.125, but if the price rises will move in a range of Resistance of $1.131 – $1.133.
Gold prices dropped in late trading Friday on Wednesday (23/12), after the release of positive us economic data. New orders for U.S.-made capital goods rose more than expected in November.
Other data on Thursday showed the economy grew faster than previously estimated in the third quarter, but the number of Americans who filed for unemployment assistance reached six-month highs last week and us consumer spending rising a modest in November.
The spot price of gold dropped 0.23 percent on $1, 129.10 per ounce, while U.S. gold futures prices for March delivery ended at $1, 130.70 per ounce. A more consistent evidence of the strength of the U.S. economy could push The Fed to raise rates further.
EQUITY WORLD : Which will put pressure on gold prices. Demand higher interest rates depress gold, which dihargakan in u.s. currency.
Ownership of the SPDR Gold Trust, the world’s largest gold-backed exchange-a fund, continued to fall on Wednesday, losing 0.4 percent to reach 824.54 tons. Ownership is down more than 12 percent since November. Silver rose 0.3 per cent to $15.98 per ounce.
Platinum down 0.4 percent at $910.90 and palladium fell for the seventh session, down 0.1 per cent at $656.75. The spread between the platinum and Palladium sharp contraction to the narrowest in almost 15 years earlier this month at $141 per ounce, as the result of performance out of palladium. Autocatalyst metals have risen 16 percent this year, while platinum has climbed 2 percent. The spread is currently around $250, after an average of $465 for 30 years.
U.S. stocks fell on Thursday, weighed down by weakness in retailers, as investors stepped back from a recent rally fueled by optimism that President-elect Donald Trump will invigorate economic growth.
EQUITY WORLD : The decline pulled the Dow Jones industrial average further away from the 20,000 mark after it nearly breached that level this week for the first time.
Retail stocks fell after CNN reported Trump’s transition team is considering a tariff of as much as 10 percent on imports. The S&P 500 consumer discretionary index lost 1.01 percent, its biggest one-day decline since October.
Home Depot (NYSE: HD) fell 1.02 percent and Wal-Mart Stores (NYSE: WMT) lost 2.32 percent, both weighing more than any other stocks on the Dow.
Following a sharp rally since the Nov. 8 U.S. election, the Dow is up about 14 percent for the year and the S&P 500 is 11 higher on bets that the economy will benefit from Trump’s plans for deregulation and infrastructure spending. (Reuters)