Gold prices fell to their lowest level in nearly three weeks during the trading hours during the European morning Monday, Fimabaka uncertainty over whether Spain will ask for help to control the debt crisis in the country. Boosted demand for safe-haven dollar.
There was a wave of technical selling that threw its weight after futures fell below the key support level.
On the Comex division of the New York Mercantile Exchange, the futures trading of gold for December delivery at 748.35, $ 1 per ounce during European morning trade, shedding 0.65%.
Prices fell by up to 0.9% earlier in the session to hit a daily low of 743.25, $ 1 per ounce, the lowest price since Sept. 26.
The gold futures contract is likely to find support at 739.35, $ 1 per ounce, the lowest price since September 26 and resistance at 781.55, 1, dollars per ounce, the highest price since October 8
The U.S. dollar rose was widely top against other major currencies, amid continued uncertainty on when to ask Spain to a formal rescue plan, limiting the demand for risky assets.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.07% to trade at 79.85.
Gold prices often move inversely to the U.S. dollar, gold becomes more expensive for buyers using other currencies.
Traders had expected in the market over the past month that the Spanish government will ask for a bailout extensive ..
The rescue plan that allows the European Central Bank (ECB) to intervene and buy Spanish sovereign debt, which would lead to a reduction in borrowing costs. Suffering from debt
Elsewhere in the euro zone, said Greek Prime Minister Antonis Samaras Sunday that his country was facing a “last hurdle” before recovery, and expressed confidence that the government will reach an agreement with international creditors before Thursday’s summit of the European Union.
Prices came under further pressure after the break key support levels to the lowest degree close to level, 750 1, dollars an ounce, triggering sell orders amid new signs in the downward graph.
There may be losses in precious metals and losses in the near term after failing to overcome level 1, $ 800 an ounce earlier this month.
Futures rose went to the highest level in 11 months at $ 1 798.05 per ounce on October 5, boosted by expectations policy makers ongoing worldwide that will launch more Gold falls amid concern of crisis Spain
Forex Pros – Gold prices fell to their lowest level in nearly three weeks during the trading hours during the European morning Monday, Fimabaka uncertainty over whether Spain will ask for help to control the debt crisis in the country. Boosted demand for safe-haven dollar.
There was a wave of technical selling that threw its weight after futures fell below the key support level.
On the Comex division of the New York Mercantile Exchange, the futures trading of gold for December delivery at 748.35, $ 1 per ounce during European morning trade, shedding 0.65%.
Prices fell by up to 0.9% earlier in the session to hit a daily low of 743.25, $ 1 per ounce, the lowest price since Sept. 26.
The gold futures contract is likely to find support at 739.35, $ 1 per ounce, the lowest price since September 26 and resistance at 781.55, 1, dollars per ounce, the highest price since October 8
The U.S. dollar rose was widely top against other major currencies, amid continued uncertainty on when to ask Spain to a formal rescue plan, limiting the demand for risky assets.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.07% to trade at 79.85.
Gold prices often move inversely to the U.S. dollar, gold becomes more expensive for buyers using other currencies.
Traders had expected in the market over the past month that the Spanish government will ask for a bailout extensive ..
The rescue plan that allows the European Central Bank (ECB) to intervene and buy Spanish sovereign debt, which would lead to a reduction in borrowing costs. Experiencing duet.
.
Elsewhere in the euro zone, said Greek Prime Minister Antonis Samaras Sunday that his country was facing a “last hurdle” before recovery, and expressed confidence that the government will reach an agreement with international creditors before Thursday’s summit of the European Union.
Prices came under further pressure after the break key support levels to the lowest degree close to level, 750 1, dollars an ounce, triggering sell orders amid new signs in the downward graph.
There may be losses in precious metals and losses in the near term after failing to overcome level 1, $ 800 an ounce earlier this month.
Futures rose went to the highest level in 11 months at $ 1 798.05 per ounce on October 5, boosted by expectations policy makers ongoing worldwide that will launch more incentives to support the weak global economy.
Elsewhere in the Comex silver fell, for December delivery was 1.15% to trade at 33.29 dollars per ounce, while copper fell for December delivery rose 0.2% to trade at $ 3.696 a pound.
Market sentiment remained supported after official data E at the weekend which showed that China’s trade surplus widened in September and increased export demand, easing concerns about a slowdown in the second largest economy in the world.
The data came after a report at the weekend showed that China’s exports grew by 9.9% from a year in September and exceeding expectations for an increase of 5.5%. And imports rose 2.4% from a year earlier, in line with expectations.
Copper traders awaited Chinese growth data in the third quarter due out on October 18, to measure whether the second largest economy in the world is heading for a fall.
Asian nation the world’s largest consumer of copper, accounting for almost 40% of global consumption in the past year.
Incentives to support the weak global economy.
Elsewhere in the Comex silver fell, for December delivery was 1.15% to trade at 33.29 dollars per ounce, while copper fell for December delivery rose 0.2% to trade at $ 3.696 a pound.
Market sentiment remained supported after official data E at the weekend which showed that China’s trade surplus widened in September and increased export demand, easing concerns about a slowdown in the second largest economy in the world.
The data came after a report at the weekend showed that China’s exports grew by 9.9% from a year in September and exceeding expectations for an increase of 5.5%. And imports rose 2.4% from a year earlier, in line with expectations.
Copper traders awaited Chinese growth data in the third quarter due out on October 18, to measure whether the second largest economy in the world is heading for a fall.
Asian nation the world’s largest consumer of copper, accounting for almost 40% of global consumption in the past year.
