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Gold Jumps As Dollar Weakens Further

Gold prices rose more than 1% to three weeks high on Wednesday, backed by a weaker U.S. dollar on declining anticipations that the U.S. Federal Reserve will hike interest rates any time soon. As the yellow metal is highly sensitive to rising rates, traders have nearly priced out the chance of a rate hike at the Fed's 14th – 15th June policy review.

In this regard, investors saw the likelihood of a July rate raise reduced to around 26% since unexpected jobs data last week, after cautious statements of Fed Chair Janet Yellen on Monday.

Gold rose 1.3% to $1,258.66 an ounce, after rising to $1,263.81 the highest level since 20th May.  From a technical point of view, it is hard for precious metal to touch the next resistance level of $1,267 during the course of the week.

U.S. dollar index fell by 25 pips and traded at 93.60 by the end of Wednesday’s trading session.

Euro rose vs. USD yesterday and traded at $1.14 thanks to weak USD. Fiber could rise further to $1.15 if it can hold above $1.14.

British industrial production logged its fastest growth in almost four years in April, backed by the pharmaceuticals, energy and auto sectors. On the other hand, GBP settled at $1.45 vs. USD and could trade in sideways during the course of the week.

Dollar pared its losses vs. JPY and traded at 107 level, despite weak USD. From a technical point of view, the greenback could decline slightly vs. JPY during the course of the week. 

Oil prices continued its gains and traded above $50. WTI traded at $51.40 and Crude could re-test the psychological level of $50.  Settling above such levels could open the door to new levels of $55.

The most important economic events:

  • GBP Visible Trade Balance (Pounds) (APR): (GMT 10:30) – Medium – Forecast (-£11000) – Previous (-£11204).
  • USD Initial Jobless Claims (JUN 4): (GMT 14:30) – Medium – Forecast (270k) – Previous (267k).
  • USD Household Change in Net Worth (1Q): (GMT 14:30) – Medium – Forecast (N/A) – Previous ($1637b).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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