Gold Trading Update
March 25th, 2009 Posted in Analyst Picks, Daily Forex News, In-Depth Analysis
The price of Gold has been very volatile since the start of the current financial crisis that the world is experiencing. So far today, the commodity has dropped by $7 or 0.75% to $919 an ounce. This comes about as signs of global economic recovery led by the U.S. lead the news wires. At 12:30 GMT, the U.S. released some very impressive economic data. Firstly, Durable Goods Orders increased by 3.4%, far better than the forecasted -2.3%. This is the biggest gain in over a year. Secondly, Core Durable Goods Orders increased by 3.9%, far better than forecasted too.
These positive figures do indicate that there is a fair possibility that we are at a crossroads. With demand for Crude Oil increasing, positive housing figures from the U.S. last week, and these figures today, the economic crisis in the U.S. seems to have bottomed out. On the one hand Gold prices have dived nearly $40 in the past week, as demand for safe-haven assets ahs declined. On the other hand, Gold prices have likely reached near their minimum for the next 6 months as consumer demand for Gold has increased over 20%. Additionally, the bailout plan in the U.S. is likely to put upward pressure on the price of Gold, as inflation kicks in.
If you want to start profiting from Gold, other commodities, or the forex market, why not choose ForexYard? With us, you can keep yourself updated by reading our daily analysis. Additionally, our blog is a good means to keep up to date on the latest news in-depth in the forex and commodity markets. In order to start trading now, you can open a live account with ForexYard, and start see your profits mount. If you have any questions, don’t hesitate to ask, as we are able to answer your enquiries 24 hours a day. You can contact me directly by email at jmillet@forexyard.com.
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Tags: Core Durable Goods Orders, Durable Goods Orders, Economic Recovery, Gold, Gold trading, safe haven
