According to Mining News Pro - Gold has edged modestly higher again early Tuesday in response to
currency-market movements, and the yellow metal may have more upside in
store, assuming the U.S. dollar continues to cooperate, says Lukman
Otunuga, research analyst at FXTM. Gold tends to move inversely to the
greenback. Shortly before 8:30 a.m. EDT, spot gold was $1 higher at
$1,211.80 an ounce. “Gold prices edged to a fresh two-week high on
Tuesday thanks mostly to a depreciating U.S. dollar,” Otunuga says. “The
fact that the yellow metal continues to appreciate despite global risk
sentiment boosted by the U.S.-Mexico trade breakthrough just further
highlights how gold remains heavily influenced by the dollar. With the
greenback likely to experience further weakness following [Federal
Reserve Chair Jerome] Powell’s dovish speech at the Jackson Hole
symposium, gold has scope to appreciate further.”
By Allen Sykora of Kitco News; asykora@kitco.com
Commerzbank: China`s Gold Demand `Subdued` During July
Tuesday August 28, 2018 08:42
Trade data, released at the start of the week by the Census and
Statistics Department of the Hong Kong government, confirms that gold
demand in China remains “subdued,” says Commerzbank. The report shows
that China imported only 44.8 tonnes of gold, on a net basis, from Hong
Kong in July – significantly less than either the prior month or July
of 2018. The year-on-year shortfall since the start of the year has
widened again to 19% or 87 tonnes. “The Swiss gold trading data
published last week had already indicated weak Chinese gold demand,”
Commerzbank says.
By Allen Sykora of Kitco News; asykora@kitco.com
MKS: Gold Faces Resistance From $1,215 To $1,220
Tuesday August 28, 2018 08:42
A $5 range, starting at $1,215 an ounce, provides a technical-chart
resistance level for gold, says MKS (Switzerland) S.A. Analysts report
an uptick in prices during Asia-Pacific trade on U.S. dollar weakness,
although the Shanghai gold premium dipped toward $4. “Bullion will need
to break through the $1,215-$1,220 resistance level to test the recent
build-up in short positioning, with a squeeze likely to target
resistance around $1,240,” MKS says. Shortly before 8:30 a.m. EDT, spot
gold was 90 cents higher at $1,211.70 an ounce.