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Gold Fundamental Outlook

OctaFX | Oct. 2, 2017
Gold Fundamental Outlook

Markets will see a lot happening today in terms of economic data. How will the yellow metal behave? Let find out with this 2 October Gold fundamental Outlook from OctaFX.

2 October, OctaFX - The US dollar rose against a basket of global competitors on Monday, as positive momentum returned to the world’s most actively traded currency. The dollar index (DXY) was up 0.3% at 93.36 in Asian trade.

Gold Fundamental Outlook

Gold prices have been in a perpetual state of decline for the past three weeks. After a sharp rally last Monday, prices resumed their descent to reach one-month lows on the Comex division of the New York Mercantile Exchange. Spot gold was down 0.3% on Monday to trade around $1,275.00 a troy ounce.

Gold Fundamental Outlook

Bullion is approaching oversold territory on the 15-minute Relative Strength Index (RSI). The MACD is also trekking in negative territory, confirming the sell signal. These data points suggest that the bears remain in firm control of the near-term outlook.

Disclaimer

This article about Gold Fundamental Outlook should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

Tags gold OctaFX
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.