Gold Price forecast & technical analysis XAUUSD Extended Gains Dec16
- Gold is trading at $1260.00
- traded at a high of $1260.10 per ounce and a low of $1255.00
- support level is seen at $1254.93
XAUUSD Extended Gains – The US Dollar increased 0.4710 or 0.50% to 93.9600 on Friday
Gold is trading at $1260.00 per ounce at 10:40 GMT this morning, 0.37% higher from the New York close. This morning, the precious metal traded at a high of $1260.10 per ounce and a low of $1255.00 per ounce. The US Dollar increased 0.4710 or 0.50% to 93.9600 on Friday, December 15 from 93.4890 in the previous trading session. Historically, the United States Dollar reached an all-time high
XAUUSD Extended Gains
Yesterday, gold traded 0.31% lower in the New York session and closed at $1255.30 per ounce, surrendering its previous session gains. An immediate downside, the first support level is seen at $1254.93 per ounce, while on the upside, the first resistance level is at $1262.93 per ounce.
|Chart | Calendar | TRADE NOW | FORCAST | cryptocurrency
Commodities Buyers and Producers
The sale and purchase of commodities is usually executed through futures contracts on exchanges that standardize the quantity and minimal satisfactory of the commodity being traded. As an example, the Chicago board of trade stipulates that one wheat agreement is for five,000 bushels and also states what grades of wheat can be used to meet the settlement.
There are sorts of traders that change commodity futures. The first is customers and producers of commodities that use commodity futures contracts for the hedging functions for which they were first meant. Theses buyers truly make or take delivery of the actual commodity while the futures agreement expires. As an example, the wheat farmer that vegetation a crop can hedge towards the hazard of dropping money if the charge of wheat falls before the crop is harvested. The farmer can promote wheat futures contracts while the crop is planted and guarantee a predetermined price for the wheat at the time it’s far harvested.
Theses traders in no way have the desire to make or take transport of the real commodity while the futures agreement expires. Among the futures markets are very liquid and have an excessive degree of each day variety and volatility, making them very tempting markets for intraday buyers. A number of the index futures are utilized by brokerages and portfolio managers to offset threat. Additionally, since commodities do now not generally exchange in tandem with equity and bond markets, some commodities can also be used correctly to diversify a funding portfolio.
Click here for reuse options!
Copyright 2017 Investors Buz