News Headline Summary

METALS WRAP

Spot gold saw losses in today’s session as USD strength weighed upon the metals market. USD benefited from a weaker EUR as the ECB’s Draghi was again dovish in his post rate decision press conference. He revealed that a potential rate cut was discussed at their meeting, which saw the major pair (EUR/USD) test 100 and 200DMA levels this pushed EUR lower and lifted USD. Despite weaker than expected ADP employment, gold was pushed further lower, breaking through its 21DMA at USD 1372.70, by better than expected ISM Non-Manufacturing figures. Looking ahead tomorrow’s session will see the all-important Non-farm payrolls data which is expected to shape discussions about the Fed’s QE3 program at the September 18th meeting.

05 Sep 2013 - 18:31 - - Source: RANsquawk

Subscribe Now to RANsquawk

Click here for a 1 week free trial

RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: