month low after ECB decision
Confidence in gold has ebbed this month after it failed Canada Goose Jackets to push above $1,730 in November. https://www.thecanadagooseoutlet.com A weak technical picture helped push uk canada goose outlet prices to a one month low on Wednesday, canadian goose jacket taking them buy canada goose jacket below their 100 day moving average for the first time since August. gold futures for December delivery were up 60 cents an ounce at $1,694.40.
The euro was little changed against the dollar on Thursday after the European Central Bank kept interest rates on hold canada goose coats on sale at 0.75 Canada Goose Outlet percent as expected by most market players.
Buyers are awaiting direction from non farm payrolls data on Friday, and next week Federal Reserve policy meeting, as well as clearer signals on how the canada goose uk black friday United States will deal with negotiations over its upcoming cliff.
That refers to canada goose clearance sale the possibility that a $600 billion package of tax hikes canada goose and spending cuts due to canada goose coats kick in in the canada goose factory sale New Year Canada Goose Sale could push the world biggest economy back into recession.
have the ECB decision today, with some (talk) of Spain applying now for financial help, and furthermore we have Canada Goose online the Fed decision, LGT Capital analyst Bayram Dincer said. some people are positioning for year end, profit taking. All of this is adding to negative sentiment in the gold market.
The ECB is wary of taking any Canada Goose sale action that could see the euro zone governments soft pedal budget consolidation efforts. That puts canada goose store the onus on Spain to ask for a full bailout before the ECB can intervene and buy Spanish sovereign debt.
EURO PRICED GOLD SLIPS
Gold priced in euros slipped into oversold territory after falling nearly 2 percent this week, posting its biggest one day decline in six months on Wednesday and touching its lowest since mid Canada Goose Online July at 1,288.85 euros an ounce.
Its 14 day relative strength index stood at canada goose uk shop 28.9 on Thursday, with uk canada goose any reading less than 30 considered to signal oversold cheap canada goose uk conditions.
Investors appetite for physical gold and cheap Canada Goose physically backed investment products remained sharp, with holdings of the largest gold exchange traded fund, New York SPDR Gold Trust, at a record high.
Demand in India, historically the world biggest canada goose clearance buyer of gold, was also firm as prices fell to their canada goose uk outlet lowest in a month, weighed by a stronger rupee and a decline in spot prices.
is on, as people feel prices are good, Haresh Acharya, head of the bullion desk at Gujarat based Parker Bullion, said. demand is expected to continue for another couple of months.
From a chart perspective, further losses in gold could take prices down to support at its November low at $1,672.50 an ounce, and its 200 day moving average at $1,660.
Among other precious metals, silver was down 0.15 percent at $32.79 an ounce.
Silver has buy canada goose jacket cheap lost some ground to gold so far this month, with the gold/silver ratio, which measures the number of silver ounces needed to Canada Goose Parka buy an ounce of gold, edging further from Canada Goose Coats On Sale last week near eight month low at 50.42 to 51.6 on Thursday.
Spot platinum was up 0.33 percent at $1,581.15 an ounce, while spot canada goose black friday sale palladium was up 0.07 percent at $682.97 an ounce. (Additional reporting by David Brough; Editing by Alison Birrane).