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Gold prices dipped on Thursday after China uncovered measures to soften the economic impact of the coronavirus outbreak but recovered in the 2nd half concern over the epidemic prevailed. On the other hand, Crude oil jumped followed by the previous day rise as demand concerns eased following a drop in new coronavirus cases at the epicentre of the outbreak. Today, traders should concentrate on the Philly Fed Manufacturing Index along...
Gold rose on Wednesday to its all-time high due to as an uptick in equities due to a drop in new virus cases was offset by fears of economic fallout from the epidemic. On the other Crude oil rose too as amid broad optimism as new coronavirus cases fell for the second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market. Today, traders should concentrate on the Building Permits...
Gold rose on Tuesday gained demand for safe-havens after iPhone maker Apple Inc’s revenue concerns the financial fallout of the coronavirus outbreak in China. On the other hand, Crude oil slipped from a higher level as Chinese health authorities confirmed 1,886 new cases of coronavirus and 98 new deaths which are creating concerns regarding the demand of the Crude oil. Today, traders should concentrate on the Empire State Manufacturing...
Gold slipped from a higher level on Monday in Asia as China imposed tightened restrictions on movement in the Hubei province to prevent the spreading of the coronavirus. On the other hand, Crude oil traded sideways due to concerns of falling fuel demand caused by the economic fallout from the coronavirus. No major economic data for the day. Technical Levels Gold (April) Support at 40700 and Resistance at...
We have seen a mindblowing rally in Gold and Silver from lower levels because of ongoing concern of corona virus. This impact on Chinese as well as the global economy. China is the biggest importer of metal like copper as it consumes almost 40% of global production. The same impact on other metals and tradable items. The yellow metal is the best option to hedge against the currency. Gold Watch 41150 levels carefully...
Gold inched up on Friday amidst a rise in the number of new coronavirus cases in China dashed hopes the epidemic was slowing and drove investors to safe-haven assets. On the other hand, Crude oil traded higher amid the possibility of deeper supply cuts from major producers. Today, traders should concentrate on the Core Retail Sales m/m along with Import Prices m/m, Industrial Production m/m and Prelim UoM Consumer Sentiment from the...
Gold eased on Wednesday as equities rose amidst reducing in the number of new coronavirus cases fell, while uncertainty over the economic impact of the outbreak supporting the price of bullion. On the other hand, Crude oil traded higher after China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the...
Gold slipped on Tuesday due to a stronger dollar and uptick in equities as China's factories slowly return to work amid rising death toll from the coronavirus epidemic. On the other hand, Crude inched up amidst the news that China's factories slowly returning to work but remained cautious over the Wuhan virus that has now killed over 1,000 in China. No Major Economic Data for the Day. Technical Levels Gold...
Gold prices held steady on Monday as rising concerns over the severity of the coronavirus outbreak offset a slight reprieve for equities after China eased some work and travel restrictions. On the other hand, Crude oil traded lower but held in a range as traders are waiting for the clarification as opec+ members are preparing to cut the further output of Crude oil to balance markets demand and supply amidst weak demand of Crude oil due to the...
