Fundamental On Precious Metal

So far, no fundamentals are being released today from the world's economical superpower and throughout this week no major releases are actually being scheduled, while investors returned from their long Christmas holiday to the market and are in fact still closing their positions within markets ahead of the New Year, which caused overall trading movements to be narrow and calm.‬‪

However, the U.S economic recovery path may be taking a short break presently to continue throughout next year, knowing that the labor market still remains deeply deteriorated along with obstacles witnessed within the financial sector, which continue on delaying a full revival of the nation's economy, nevertheless other sectors are improving gradually despite the ongoing downside pressures of the recession.‬‪

Accordingly, amid holidays ahead of the year-end, the dollar along with the yen plunged versus other currencies due to technical movements and since overall markets are calm today, having therefore the dollar index, which tracks the strength of the green Benjamin in front of a basket of currencies, is plummeting on the daily scale to trade at 77.58 recording a high of 77.85 and a low of 77.53.‬‪

As for the precious metal, it is currently narrow trading due the present weakening of the dollar and overall volatile movements, knowing that these two have an inverse relation, having accordingly the gold trading so far $1103.54 an ounce recording a high of $1113.70 an ounce and a low of $1101.41, while the commodity indices REUTERS/JEFFERIES CRB INDEX gained 1.39 points to 282.23.


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