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A strong dollar attracted fresh selling pressure around the precious metal. The Gold plunged after the release of stronger-than-expected US durable goods orders. Gold fell below $1190, for the first time since February. US durable goods orders surpassed the most optimistic estimates and recorded a growth of 4.8% for October. The core durable goods orders (excluding automobile items) recorded a better-than-expected growth of 1.0%.

 

The Atlanta Federal Reserve is forecasting GDP rising at a 3.6 percent annual rate in the fourth quarter. The economy grew at a 2.9 percent pace in the July-September period. Gold could fall further from here, with analysts having previously highlighted a technical resistance level around $1,170 as a target. The strong economic growth outlook is likely to encourage the Federal Reserve to raise interest rates in December.  

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