2019-01-19 2522Secondary browse
Share to： The dollar is back! Gold was under pressure, but uncertainty remained supportive
International spot gold on Tuesday (February 21) under pressure fell slightly, the lowest intraday intraday U.S. market as low as $1225.73 / ounce, but there is still a strong pull in the short term bulls, gold prices are still on the bargain support. On Tuesday, with the federal reserve expected to raise interest rates next month, gold was buoyed by a strong dollar rally, but continued to be supported by political and economic uncertainty in the U.S. and Europe. The preliminary U.S. Markit services and manufacturing PMI data for February, released on Monday, fell less than expected, and Markit chief economist Thomas Williamson said the drop in the PMI data indicated a slowdown in the upward trend since the U.S. election. The data had a brief impact on the dollar's rally. Minneapolis fed President nikki kashkari said in a speech Tuesday that if the economy is strong enough, the fed will shrink its balance sheet in the near future and watch for signs that the labor market is overheating. The comments by kashkari, a member of the FOMC in 2017, put some pressure on gold.
The dollar rallied strongly on Tuesday, with the dollar index up 0.6 percent at 101.52 as of press time. U.S. stocks rose on Tuesday, with the dow Jones industrial average up 0.33 percent at 20,691.70. 500 gained 0.51 percent to 2,363.20. Nasdaq was up 0.35 percent at 5,858.74. Crude oil rose on Tuesday, with the U.S. oil index up 1.77 percent at $54.73 a barrel. The oil price index, or obi, rose 1.41 percent to $56.97 a barrel.
, analysts say there are gold at a certain stage in the United States may be tightening of monetary policy, the possibility of more in March, but many political and economic uncertainty is still support for gold, gold as a safe haven demand or by investors, especially in U.S. stocks higher day by day innovation, steady accumulation of risk situation, gold is still a effective tool of hedge risk. Demand for gold is reflected in the holdings of SPDR, the world's largest gold ETF, which have risen 5 per cent to 27.044m ounces since January 31. Fed officials are making a crowded appearance this week, and their comments will be one of the factors dominating the market, as well as a speech by President Donald trump to congress at the end of February that analysts and traders hope will reveal more details about infrastructure spending and tax cuts. From a technical point of view, gold technical support near the 21 day moving average of 1221 U.S. dollars/ounce, 1250 U.S. dollars/ounce is the main obstacle; An upward breakout would encounter Fibonacci resistance at $1,255 / oz. If gold stabilises above $1,221 an ounce, a sharp fall is unlikely.
The preliminary Markit services PMI fell to 53.9 in February, below forecasts and the final reading for the previous month
An industry report released on Tuesday (feb 21) by financial data firm Markit showed the preliminary reading for the U.S. services purchasing managers' index (PMI) for February was below forecasts and the final reading for the previous month.
The preliminary MARKIT purchasing managers' index for the services sector came in at 53.9 in February, compared with a forecast of 55.8 and a final reading of 55.6 in January, the data showed.
The 50 mark marks a watershed for the industry to shrink or grow.
The preliminary reading of the MARKIT services new business sub-index for February was 53.3, the lowest since September, and the final reading for January was 56.0.
The MARKIT composite PMI came in at 54.3 in February from 55.8 in January.
The preliminary MARKIT composite new orders index was 53.9 in February and 56.3 in January.
'the decline in the PMI data points to a slowdown in the upward trend since the election,' said Markit chief economist Thomas Williamson. Business output growth, new orders and hiring fell across the board, while inflation was subdued.
The preliminary Markit services PMI fell to 53.9 in February, below forecasts and the final reading for the previous month
An industry report released on Tuesday (feb 21) by financial data firm Markit showed the preliminary reading for the U.S. services purchasing managers' index (PMI) for February was below forecasts and the final reading for the previous month.
The preliminary MARKIT purchasing managers' index for the services sector came in at 53.9 in February, compared with a forecast of 55.8 and a final reading of 55.6 in January, the data showed.
The 50 mark marks a watershed for the industry to shrink or grow.
The preliminary reading of the MARKIT services new business sub-index for February was 53.3, the lowest since September, and the final reading for January was 56.0.
The MARKIT composite PMI came in at 54.3 in February from 55.8 in January.
The preliminary MARKIT composite new orders index was 53.9 in February and 56.3 in January.
'the decline in the PMI data points to a slowdown in the upward trend since the election,' said Markit chief economist Thomas Williamson. Business output growth, new orders and hiring fell across the board, while inflation was subdued.
Afternoon looking
"Gold is subject to a potential tightening of U.S. monetary policy at some stage, and is more likely in March," said RobinBhar, an analyst at societe generale. "" there is a lot of political uncertainty and there is still money flowing into gold due to safe-haven demand.
Gold is also an investment vehicle to hedge against an overpriced stock market, Bhar added.
INTLFCStone analyst EdwardMeir said: "it's really impressive that gold has held up while the U.S. stock market has been hitting new highs. The dollar is also pretty strong. He sees support for gold coming from the political and economic uncertainties of 2017.
Spot gold was at $1,277.21 an ounce at 00:39 GMT, down 70 cents, or 0.06 percent.
The dollar rallied strongly on Tuesday, with the dollar index up 0.6 percent at 101.52 as of press time. U.S. stocks rose on Tuesday, with the dow Jones industrial average up 0.33 percent at 20,691.70. 500 gained 0.51 percent to 2,363.20. Nasdaq was up 0.35 percent at 5,858.74. Crude oil rose on Tuesday, with the U.S. oil index up 1.77 percent at $54.73 a barrel. The oil price index, or obi, rose 1.41 percent to $56.97 a barrel.
, analysts say there are gold at a certain stage in the United States may be tightening of monetary policy, the possibility of more in March, but many political and economic uncertainty is still support for gold, gold as a safe haven demand or by investors, especially in U.S. stocks higher day by day innovation, steady accumulation of risk situation, gold is still a effective tool of hedge risk. Demand for gold is reflected in the holdings of SPDR, the world's largest gold ETF, which have risen 5 per cent to 27.044m ounces since January 31. Fed officials are making a crowded appearance this week, and their comments will be one of the factors dominating the market, as well as a speech by President Donald trump to congress at the end of February that analysts and traders hope will reveal more details about infrastructure spending and tax cuts. From a technical point of view, gold technical support near the 21 day moving average of 1221 U.S. dollars/ounce, 1250 U.S. dollars/ounce is the main obstacle; An upward breakout would encounter Fibonacci resistance at $1,255 / oz. If gold stabilises above $1,221 an ounce, a sharp fall is unlikely.
The preliminary Markit services PMI fell to 53.9 in February, below forecasts and the final reading for the previous month
An industry report released on Tuesday (feb 21) by financial data firm Markit showed the preliminary reading for the U.S. services purchasing managers' index (PMI) for February was below forecasts and the final reading for the previous month.
The preliminary MARKIT purchasing managers' index for the services sector came in at 53.9 in February, compared with a forecast of 55.8 and a final reading of 55.6 in January, the data showed.
The 50 mark marks a watershed for the industry to shrink or grow.
The preliminary reading of the MARKIT services new business sub-index for February was 53.3, the lowest since September, and the final reading for January was 56.0.
The MARKIT composite PMI came in at 54.3 in February from 55.8 in January.
The preliminary MARKIT composite new orders index was 53.9 in February and 56.3 in January.
'the decline in the PMI data points to a slowdown in the upward trend since the election,' said Markit chief economist Thomas Williamson. Business output growth, new orders and hiring fell across the board, while inflation was subdued.
The preliminary Markit services PMI fell to 53.9 in February, below forecasts and the final reading for the previous month
An industry report released on Tuesday (feb 21) by financial data firm Markit showed the preliminary reading for the U.S. services purchasing managers' index (PMI) for February was below forecasts and the final reading for the previous month.
The preliminary MARKIT purchasing managers' index for the services sector came in at 53.9 in February, compared with a forecast of 55.8 and a final reading of 55.6 in January, the data showed.
The 50 mark marks a watershed for the industry to shrink or grow.
The preliminary reading of the MARKIT services new business sub-index for February was 53.3, the lowest since September, and the final reading for January was 56.0.
The MARKIT composite PMI came in at 54.3 in February from 55.8 in January.
The preliminary MARKIT composite new orders index was 53.9 in February and 56.3 in January.
'the decline in the PMI data points to a slowdown in the upward trend since the election,' said Markit chief economist Thomas Williamson. Business output growth, new orders and hiring fell across the board, while inflation was subdued.
Afternoon looking
"Gold is subject to a potential tightening of U.S. monetary policy at some stage, and is more likely in March," said RobinBhar, an analyst at societe generale. "" there is a lot of political uncertainty and there is still money flowing into gold due to safe-haven demand.
Gold is also an investment vehicle to hedge against an overpriced stock market, Bhar added.
INTLFCStone analyst EdwardMeir said: "it's really impressive that gold has held up while the U.S. stock market has been hitting new highs. The dollar is also pretty strong. He sees support for gold coming from the political and economic uncertainties of 2017.
Spot gold was at $1,277.21 an ounce at 00:39 GMT, down 70 cents, or 0.06 percent.
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