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Gold set to close the week on decline
by icn.com
Precious-Gold is set to close this week on a decline after the sharp drop recorded on Tuesday which pulled prices below $1300 on the back of a single massive Comex sell order.
Gold is currently trading around $1310.41 an ounce after hitting a high of $1323.30 and a low of $1306.00, where a weekly closing above $1300 is critical to avoid prices from continuing its drop.
So far, the metal has lost 2.35 percent, where it found support after touching a low of $1277.78, which represents 61.8 percent Fibonacci Retracement to the upside, trend that began at the end of June.
The government shutdown has entered its fourth day without any resolution as the political conflict between Republicans and Democrats continues.
Yet, losses were minimized on expectations the Fed would delay any plans to withdraw its monthly bond buying, as the government shutdown would hurt economic recovery.
The Fed mentioned this week that the lack of data would make it difficult to judge whether it is suitable to withdraw stimulus, referring that it is better to hold bond purchases for longer while to offset an expected 0.1 percentage point fall in fourth-quarter GDP.
The Labor Department to postpone the release of the nonfarm payrolls data scheduled for today.
Many analysts believe that the political conflict would be resolved soon, especially after President Barack Obama decided to remain in Washington to end the budget standoff.
In the FX market, the U.S. dollar, rebounded today against a basket of major currencies as the dollar index rose to 80.00 from a low of 79.77.
Crude oil for November’s delivery also rebounded to $103.59 a barrel after touching a low of $102.89.
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