1 Aug 2013
Gold unchanged despite all the noise
FXstreet.com (Barcelona) - Gold is currently trading at $1326 in the spot market, while the October contract is about to open for its first day of trading as the August one was Wednesday last day for it. The yellow metal has made in between a fresh weekly high at $1341, and a fresh 2-week lows at $1305, given ADP, US GDP and FOMC was in the middle.
Silver is last at $19.87, slightly higher from yesterday's Asian open at $19.75, thus making the gold:silver ratio slightly lower. Silver made a fresh 8-day low at $19.40, 38.2% Fibo retrace of latest daily up leg from late June lows at $18.15 to recent double high at $20.60 of late July.
Oil in the other hand surged on better than expected US GDP figures printing a fresh 2-day high at $105.20, despite worse than expected crude oil inventories data, posting a 6-week high in inventories. WTIC closed in NY with a +2.06% advance, paring all previous weekly loses.
Silver is last at $19.87, slightly higher from yesterday's Asian open at $19.75, thus making the gold:silver ratio slightly lower. Silver made a fresh 8-day low at $19.40, 38.2% Fibo retrace of latest daily up leg from late June lows at $18.15 to recent double high at $20.60 of late July.
Oil in the other hand surged on better than expected US GDP figures printing a fresh 2-day high at $105.20, despite worse than expected crude oil inventories data, posting a 6-week high in inventories. WTIC closed in NY with a +2.06% advance, paring all previous weekly loses.