Wednesday, 31 August 2016 14:38

Gold Edges Lower to $1308 while US Labor Market in Focus

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Gold is trading at $1308.8 per oz on Wednesday afternoon session while traders wait for Friday’s non-farm payroll data. We have seen columnists trying to fit in their very own formula for the recent price volatility and risk appetite in the market. While the market have been fighting to figure out what the US Fed may do in the 4th quarter , we are still standing behind our own belief that a rate hike is coming. US dollar index is on the uptrend while market participants await for US jobless claims, USDCAD is trading at 1.3101 in the afternoon session. In the bullion market, we anticipate gold to settle above $1300 per oz  while US dollar index may experience more volatility this week, Silver will gain positive momentum due to higher demand and trading volume. Despite the growing hopes of a rate hike in the near future, we believe gold will be trading between $1300-$1312 per oz. 

 

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Read 3732 times Last modified on Wednesday, 31 August 2016 14:40
Bill H

Trader of Suncorp Gold Inc.

Tel: 604-273-9700

E-mail: bill@suncorpgold.com

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