Harge gold in the Asian trading session on Monday (08/08/2016) experienced a decrease in thinner data release along with the existence of a trade balance surplus of Chinese in the country. When a news story is written, the XAU/USD traded in a range of price levels of 1.335 us dollars.
Meanwhile, on New York's Comex Exchange Mercanile, the price of gold futures for December delivery declined by 0.21 percent to 1.341 price to as low as us dollars per troy ounce. While the price of silver futures for delivery in September to price levels 19.67 us dollars per troy ounce, slipping 0.74 percent and prices of copper futures for delivery in September increased by 0.84 percent to as low as the price of 2,172 us dollars per troy ounce.
The Chinese Trade Data Release
The State of China is one of the country's consumers of precious metals gold is the second largest in the world. Therefore, the existence of trade balance data release in the country will exert influence
the price of gold.
Trade balance data in China in July this year crept up into surplus 52.31 billion when compared with the previous month of June trade balance of China only surplus 48.11 billion and analysts predictions 43.60 billion. While the export sector in the country is experiencing a rise in thin from-4.8 per cent to-44 percent, below expectations and import sectors shrank from-8.4 per cent to-12.5 percent.
Strengthening The Employment Data In The U.s.
In addition, during the golden week trading session yesterday, the price of gold declined on Friday to the lowest level over the past week. These conditions are driven by the data of the U.S. economy in July showed an increase in above expectations.
U.S. Department of Labor on Friday night and then declared that the US's uphill NFP data very significant be 255.000 above estimates will drop to 180.000. In addition, the unemployment rate stagnant at 4.9 percent due to the increasing number of people entering the labor market.
A report from the U.S. Labor Department also presents data on average wages per hour on a monthly basis which rose by 0.3 percent, above estimate would rise 0.2 percent. The presence of the reinforcement on the U.S. labor market data can further elevate the probability against a rise in U.S. interest rates by the Fed in the coming months.
Speculation for the rise in U.S. interest rates by analysts with opportunities increasing by 15 percent to a rise in US interest rates in September. Besides that, the odds of 44 percent rise for the month of December, up from only 33 percent previously.
As it is already known that the gold price trend amongst U.S. interest rates high will likely decline (bearish) and will compete with asset berimbal behind the flowers.
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