Dynamics
On Tuesday 11 August, at the tender precious metals traded in a fairly narrow range because of the trading band for the dollar in the FOREX market because of expectations of the Fed meeting on interest rates, but also because of the negative trends in stock markets.
As a result of trades on the COMEX, division New York commodity exchange (NYMEX), quotes on gold rose by 0.70 to 947.60 dollars per troy ounce, the price of silver fell 1 cent to 14.34 dollars per ounce.
Causes
On Tuesday 11 August, bids for the precious metals market showed resistance range. The background for this was a mixed trading against the dollar in the currency market FOREX. Published data for industrial production of China, as well as productivity in the United States does not have adequate exposure to the market. The focus of market participants is a two-day meeting of the Fed. Fedrezerv is expected to keep rates at record low levels. However, of particular interest will cause a subsequent statement by the regulatory body on the situation in the economy, inflation and an exit strategy from the current incentive programs.
From the news, you can mark messages AngloGold Ashanti Ltd, the largest gold producer in Africa, that next week may reopen closed after an accident with a mine Tau-Ton. AngloGold output in the second quarter was below expectations due to stop mining in accidents to employees. During this period, the mining company were killed eight workers. In the second quarter the company produced 1.13 million ounces of gold. At the mine Tau Ton was 61 thousand ounces of gold.
What to expect?
considerable support precious metals at this time provides the technical picture, namely the strong levels of support, which stalled quotes. The negative situation in the neighboring markets in the coming days could dramatically change the positive view of emerging macro-economic data, which in turn positively affect the market for black gold.
What is fear?
One of the strongest factors that can adversely affect the market for precious metals, continues to be the situation with the dollar in the currency market FOREX, namely the reaction of market participants at the Fed statement after a two-day meeting. The negative trend of stock sites only reinforce the pressure on precious metals.
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