Gold prices dropped in Asian trading on Thursday as investors awaited a wave of economic data set to be released later in the day.
Gold futures were likely to test support at USD1,669.75 a troy ounce, the low from January 17, and resistance at USD1,694.95, Tuesday's high.
South Korean GDP came in worse than expected, a quarter-over-quarter increase of 0.4 percent -- expectations were for an increase of 0.5 percent. Year-over-year, South Korean GDP Increased 1.5 percent; less than the 1.9 percent economists projected.
Meanwhile, Japan’s trade balance came in wider than anticipated at -0.80 trillion yen; economists had anticipated -0.71 trillion yen.
With both South Korea and Japan’s economies showing signs of sluggishness, investors may be selling gold on fears of deflation.
Later on Thursday, markets will digest data on the state of the Eurozone. France and Germany are expected to report their manufacturing PMIs, a measure of relative economic strength.
Gold futures were likely to test support at USD1,669.75 a troy ounce, the low from January 17, and resistance at USD1,694.95, Tuesday's high.
South Korean GDP came in worse than expected, a quarter-over-quarter increase of 0.4 percent -- expectations were for an increase of 0.5 percent. Year-over-year, South Korean GDP Increased 1.5 percent; less than the 1.9 percent economists projected.
Meanwhile, Japan’s trade balance came in wider than anticipated at -0.80 trillion yen; economists had anticipated -0.71 trillion yen.
With both South Korea and Japan’s economies showing signs of sluggishness, investors may be selling gold on fears of deflation.
Later on Thursday, markets will digest data on the state of the Eurozone. France and Germany are expected to report their manufacturing PMIs, a measure of relative economic strength.
Crude oil rallies on Chinese expansion
Crude oil futures held on to losses during Asian morning hours on Thursday, after HSBC’s Chinese PMI figure showed expansion in the world’s second largest economy.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD95.38 a barrel during Asian morning trade, up 0.15% on the day.
Crude oil was likely to find support at USD94.28, January 17’s low. Resistance can be found at 96.81, Tuesday’s high.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD95.38 a barrel during Asian morning trade, up 0.15% on the day.
Crude oil was likely to find support at USD94.28, January 17’s low. Resistance can be found at 96.81, Tuesday’s high.
Natural gas prices dip as market digests shifting weather forecasts
Natural gas futures dipped on Wednesday as investors sold and jumped to the sidelines after shifting weather forecasts kept markets in a wait-and-see mode.
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