OANDA:XAUUSD   Gold Spot / U.S. Dollar
At the moment of publishing this report gold is trading at $1412 per ounce whereas the white metal is hovering around $15.30.we haven't seen much from the gold today (prices held steady in early Asian session) as market participants awaited key economic data release from china as it's the world second-largest economy.

Top 7 Reasons why Gold soared and break above its 6-year highs

* The uncertainty regarding the U.S-China trade war.

* Trump tweet about the possibility of imposing 5% of tariffs on Mexico.

*The 10-year-3months yield curve inversion.

*Speculation by the commentators saying the Fed is going to cut rates next month.

*Attacks on two oil tankers in the Gulf of Oman.

*Iran and America growing Tense Relationship.

*Weakness in the U.S stock indexes and in DXY .

All the mentioned causes blended together proved to be negative for the U.S equity market hence the safe heaven buying became obvious as traders and investors risk appetite dropped significantly.

Alarming signs

*US manufacturing activity last month fell to its lowest level in nearly three years.

*JPMorgan’s Global Manufacturing PMI just plunged to the lowest level.

*The U.S. economy has officially entered the longest expansion in its history.

*Gold-Silver ratio is currently trading at its 30 year high which stands at 93.

Recent Facts

*The disaggregated report shows that money managers reduced their net long to 182,611 futures contracts from 194,087 the week before.

*“The reduction in speculative net-long positions in silver was more pronounced (nearly 30%),”. “Accordingly, the silver price fell all the more steeply, pushing the gold/silver ratio up to over 93.”


* Markets will be focussed on Chinese gross domestic product data due at 0200 GMT , where analysts expect second-quarter growth to have slowed to 6.2% from a year earlier - the weakest annual pace since early 1992.

* A disappointing number would add to worries about slowing global growth and reinforce the case for more stimulus by Chinese authorities as a damaging trade war with the United States rages on.

* Alongside GDP, China will also publish activity data for June including retail sales, industrial production, and urban investment, which could give more clues on whether earlier support measures are starting to kick in, or if more policy easing is needed.

* Meanwhile, the dollar index was relatively unchanged against a basket of major currencies.

* The dollar index fell for three days in a row on prospects of an interest rate cut by the U.S. Federal Reserve later this month.

* Hedge funds and money managers cut their bullish stance in COMEX gold in the week to July 9, the U.S. Commodity Futures Trading Commission (CFTC) said in a report on Friday.

* Physical gold buying stalled in top Asian hubs last week as consumers sold back bullion to cash in on a steep price rally, while a recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates.

* Belo Sun Mining Corp said on Friday it had won a legal victory in its push to mine the country’s largest undeveloped gold deposit in the Amazon rainforest, which has drawn criticism from environmentalists and indigenous advocates.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out