Gold Falls by 5.60% to $1,757 | Learn Forex | GoLearnForex.com

Gold Falls by 5.60% to $1,757

Written by article default Thursday, 25 August 2011 16:42

USD Dollar (USD) – In forex trading, the US Dollar gained against the other major currencies after Orders for Durable Goods in the U.S. increased to 4%, twice as much as was estimated (4.00% vs. the 2.1% expected) and speculation regarding Bernanke’s announcement this week about providing more stimulus for the economy boosted US assets to become positive. Wall Street closed positive as the NASDAQ rose by 0.88% and the Dow Jones by 1.29% respectively. Crude oil declined by 0.30% and closed at $85.16 a barrel. Gold (XAU) fell by 5.60% owing to investors optimism, which were selling gold and in the end the yellow metal closed at $1,757 an ounce. Today, the Unemployment Claims are expected to be at 405K vs. 408K last week.

Euro (EUR) – The Euro weakened against the US Dollar as the German business confidence dropped to the lowest level in more than a year, coming out at 108.7 vs. 111, which led traders to prefer other assets to invest in. The EUR/USD is struggling at the 1.4400 level in the past few days, and as long as the pair is trading above the 1.4380 level, the Euro is more attractive. The next resistance level on the daily chart is at 1.4500. Overall, the EUR/USD traded with a low of 1.4374 and with a high of 1.4481. Today, the GfK German Consumer Climate is expected to decline from 5.40 to 5.20.

EUR/USD – Last: 1.4407

British Pound (GBP) – The Pound weakened against the Dollar after the release of U.S. data on the Core Durable Goods Orders came out very positive and generally supported a stronger US Dollar. As long as the GBP\USD is trading below the 1.6430 level, the trend of the Pound is negative. It should be noted that the Moving Average indicator supports a downtrend as well. Overall, the GBP/USD traded with a low of 1.6365 and with a high of 1.6534. Today, the CBI Realized Sales are expected to be -10 vs. -5 prior.

GBP/USD - Last: 1.6371

Japanese Yen (JPY) –The Yen weakened against the Dollar as Moody’s Investors Service lowered the nation’s debt rating one step to Aa3. The main trend of the USD/JPY is bearish, and as long as the pair is trading below 77.40, the Yen is more attractive and a short position is preferred. Overall, the USD/JPY traded with a low of 76.46 and with a high of 77.07. No economic data is expected today.

USD/JPY-Last: 76.97

Canadian dollar (CAD) – The Canadian Dollar fluctuated against the US Dollar as positive reports in the US were released, which led to traders buying higher yielding assets. In addition, crude oil closed weaker, causing the pair to be unstable. As long as the pair is trading above 0.9830 level, the momentum of the US Dollar is positive. The next resistance level on the daily chart is located at 0.9920. Overall, the USD/CAD traded with a low of 0.9839 and with a high of 0.9905. No major data is expected today.

USD/CAD - Last: 0.9876