Easy monetary policy tends to affect gold, as the Chinese\ncentral bank said on Wednesday that it will reduce the amount of cash that all\nbanks must hold as reserves, which frees money to support the slowing economy.<\/p>\n\n\n\n
Gold futures rose on Thursday, shortly before the regular\nsession opened. The market is currently trading within a wide range since last\nTuesday, indicating volatile investors and expectations of imminent\nfluctuations.<\/p>\n\n\n\n
On the last day of 2019, gold prices reached their highest\nlevel since October 3. Technical factors may also contribute to slowing trading\ntoday. The market is currently trading within a 50% to 61.8% retracement range\nfrom the September to November price range. The reaction of traders in this\nregion can determine whether the market challenges are high in the past year or\nre-test bottoms from the decline in the near term.<\/p>\n\n\n\n
Earnings are likely to be limited on Thursday due to the\nstronger USD.<\/p>\n\n\n\n
The effect of the US dollar<\/strong><\/p>\n\n\n\n The US dollar has been under pressure against a basket of\nmajor currencies since the United States and China announced the first phase of\na trade deal on December 13. Dollar investors are giving up the US currency that\nwas bought as safe protection against the escalation of the trade war. The\nweakening of the US dollar is helping to increase the demand for\ndollar-denominated gold.<\/p>\n\n\n\n Daily expectations<\/strong><\/p>\n\n\n\n On Thursday, investors have had the opportunity to respond\nto the latest US reports on job cuts, weekly unemployment claims and the final\nPMI manufacturing.<\/p>\n\n\n\n Weekly jobless claims are expected to reach 222,000,\nmatching last week’s figure. The final Manufacturing PMI is expected to come at\n52.5.<\/p>\n\n\n\n Friday may be a moving day in the market with the ISM\nmanufacturing PMI report and it is expected to come to 49.0 slightly better\nthan the 48.1 previously reported.<\/p>\n\n\n\n The Fed will also release the minutes of the December\nmeeting. Traders hope the minutes will reveal whether the Fed will cut interest\nrates in March. Not because the economy needs it, but rather as a security\nagainst an unexpected downturn.<\/p>\n","protected":false},"excerpt":{"rendered":" Easy monetary policy tends to affect gold, as the Chinese central bank said on Wednesday that it will reduce the amount of cash that all banks must hold as reserves, which frees money to support […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[62,4],"tags":[93,60,141,52,77,36,34,145,94,114,29,15,48,24,53,78,56,55,54,13,96,131,44,43,91,57,47,102,76,80,119,113,135,23,45,46,104,109,106,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1556"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1556"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1556\/revisions"}],"predecessor-version":[{"id":1558,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1556\/revisions\/1558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1557"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}