Gold extends advance on softer US dollar, rate hike bets
October 21, 2015 4:46 am
Gold prolonged gains to a second day Wednesday as a milder US dollar bolstered its appeal as a hedge and traders looking for stronger clues on the Federal Reserve’s timing of raising interest rates.
Spot gold climbed to $1,177.20 an ounce, up 0.1%. The yellow metal, which added 0.5% in the last session, is halting a three-day losing streak.
Gold is now above its 200-day moving average near $1,175, so some expect more advances through trading could be quiet before the European Central Bank’s policy meeting Thursday and Fed’s meeting next week.
The metal reaching its 200-day moving average is no doubt a technical sign, “suggesting some upside risk for gold,” said Barnabas Gan, Analyst at OCBC.
The material has been provided by InstaForex Company – www.instaforex.com
Gold prolonged gains to a second day Wednesday as a milder US dollar bolstered its appeal as a hedge and traders looking for stronger clues on the Federal Reserve’s timing of raising interest rates.
Spot gold climbed to $1,177.20 an ounce, up 0.1%. The yellow metal, which added 0.5% in the last session, is halting a three-day losing streak.
Gold is now above its 200-day moving average near $1,175, so some expect more advances through trading could be quiet before the European Central Bank’s policy meeting Thursday and Fed’s meeting next week.
The metal reaching its 200-day moving average is no doubt a technical sign, “suggesting some upside risk for gold,” said Barnabas Gan, Analyst at OCBC.
The material has been provided by InstaForex Company – www.instaforex.com
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