EQUITYWORLD FUTURES estimated the price of gold to trade will further observe the movement of the U.S. dollar.
The strengthening of exchanges of Wall Street and US interest rates hike hwakishnya can press the gold price. Gold prices are expected to move in the range of $1.158 Support-$ 1.156, but if the price rises will move in a range of $1.162 Resistance-$ 1.164.
The price of gold remove the previous decline and traded sharp rise in late trading Wednesday on Wednesday (04/01), ignoring the rising us dollar enters the new year.
Spot gold prices rose $7.89 LLG, or 0.7 percent. at $1, 160.10 an ounce. U.S. gold futures prices for March delivery ended at $1,162 per ounce. Precious metals coming from the biggest quarterly loss in more than three years.
The U.S. dollar index, which measures the performance of the U.S. dollar against six major currencies, traded 0.85 percent higher on Tuesday, after rising more than 1 percent early in the session. EQUITYWORLD FUTURES
Gold is down sharply after the victory of Donald Trump in the U.S. presidential election in November, plummeting more than 12 percent in the fourth quarter.
The victory pushed Trump dollars and triggering a sharp rally yield bonds, lifting the opportunity cost of holding non-yielding gold and dull the appetite of investors to the metal.
Managers of hedge funds and money managers slashed their net long position in COMEX gold close to 11-month low and trim the bullish bet in silver contracts in the week to December 27, A powerful beginning to 2016 to make gold still managed to end the year with the first annual rise since 2012, up 8.5 percent.
Indications from the Federal Reserve that it would go ahead with a further interest rate rise this year after only their second hike in a decade last month that lifted the U.S. currency, and therefore depress gold. Silver rose 2.7 per cent at $16.42 per ounce, while platinum is 4.35 per cent higher at $945.10 and Palladium rose 4.02 percent at $710.75.
Palladium is the best performing precious metal last year, up 20 percent, the largest annual increase in six years. Platinum lagged the broader gains, ending the 2016 only rose 1 percent.
EQUITYWORLD FUTURES : Crude Oil Slumped 2.6 Percent Impact Of The U.S. Dollar
Analysis the price of crude oil will move a close watch on the movement of the U.S. dollar, which if turned weakened after yesterday strengthened can lift the price of oil and vice versa. OPEC’S production cuts implementation optimism and Non OPEC can also be pushing the price.
Crude oil prices are expected to move in the range of $52.80 Resistance and $53.30, but if prices fall will move in a range of $51.80 Support and $51.30.
The price of crude oil futures catapulted from the highest position at the end of 18-month trading Wednesday a.m. (04/01), weighed down by a stronger dollar and worries over the rising production of Libya.
The price of crude oil futures of West Texas Intermediate (WTI) US rising to an 18-month high of $55.24 a barrel in morning trading before running into volatility ahead of the midday hours.
The contract dropped $1.39, becoming 2,59%, at $52.33 per barrel. The March contract for Brent crude oil futures prices down $1.18, or 2.1%, to settle at $55.65 per barrel.
Earlier it had risen to $58.37 a barrel, the highest since mid-2015. A stronger u.s. dollar depresses the price of crude oil. The US dollar index, a measure of money against a basket of six other currencies, rose to the highest level since 2002. This would then give back the advantage to settling up 0.3%.
The more expensive u.s. dollar reduces demand for the dollar, such as the berdenominasi asset of crude oil.
Traders also rated loading documents retrieved Bloomberg on Tuesday showed that Libya was planning to export 1.9 million barrels of oil this month from the port near the capital Tripoli. A separate report on Sunday showed that Libya raise production in December to 685,000 barrels a day from about 600,000.
The North African country is one of only two member countries of OPEC exempt from cutting production.
Oil prices have been rising with the tide of optimism since the producers of the OPEC and non-OPEC agreed to reduce crude oil production by almost 1.8 million barrels per day. This agreement took effect January 1.
Production from Russia, the largest oil producer in the world, unchanged at 11,210,000 barrels per day in December. Moscow plans to reduce production of 300,000 barrels per day in its contribution to a global deal.
Daily News PT. EQUITYWORLD FUTURES