Trading with PT style
- Thread starter praveen taneja
- Start date
- Status
(Reuters) - Gold prices rose on Thursday as its fall to a near three-month low the previous day tempted some buyers back, but gains were capped by a rise in the dollar and fading hopes for more U.S. monetary stimulus.
Spot gold was up 0.6 percent at $1,628.34 an ounce at 1420 GMT. It briefly broke back above $1,630 an ounce as a drop in jobless claims pulled the dollar from its highs and stocks from their lows, but was unable to sustain the move.
Commerzbank analyst Daniel Briesemann said a countermove after the sharp price fall of recent days was to be expected, but said he expects prices to trade lower, possibly below $1,600 an ounce, after the current correction has run its course.
"Gold is highly correlated to equities and commodities at the moment and as long as the equity markets and the commodity markets are going down, so is gold," he said.
Spot gold was up 0.6 percent at $1,628.34 an ounce at 1420 GMT. It briefly broke back above $1,630 an ounce as a drop in jobless claims pulled the dollar from its highs and stocks from their lows, but was unable to sustain the move.
Commerzbank analyst Daniel Briesemann said a countermove after the sharp price fall of recent days was to be expected, but said he expects prices to trade lower, possibly below $1,600 an ounce, after the current correction has run its course.
"Gold is highly correlated to equities and commodities at the moment and as long as the equity markets and the commodity markets are going down, so is gold," he said.
- Status
Similar threads
-
How do you develop a trading plan that suits your style?
- Started by ReggieFx
- Replies: 1
-
Me & My Mom ................................... Our Trading-Our Style!!
- Started by msdtime
- Replies: 68
-
-
-
Fudge style trading . My log , My journey . Seniors kind guidance needed
- Started by hedgefudge13
- Replies: 21