GOLD CONFIRM BUY ANALYSIS FOR TODAY
Updated
The US Dollar remains on the back foot early Wednesday, tracking the retreat in the US Treasury bond yields from over one-week highs, as investors seem to fade the market optimism briefly driven by the upbeat Chinese economic data releases.
The National Bureau of Statistics (NBS) showed on Wednesday that China’s economy expanded at an annual rate of 4.9% in the third quarter of this year, as against the 6.3% growth in the second quarter, beating estimates of 4.4%. China’s September Retail Sales YoY, jumped 5.5% vs. +4.9% expected and +4.6% prior reading while the country’s Industrial Production came in at 4.5% YoY vs. 4.3% forecasts and August’s 4.5%.
However, lingering concerns over a potential default by Country Garden Holdings, China's largest private property developer, on its $11 billion in offshore debt keep markets on the edge. Further, no signs of de-escalation on the Hamas-Israel military conflict remain the main underlying risk-off factor behind the tepid sentiment, enabling Gold price back toward multi-week highs.
GOLD BUY : 1944
TP. : 1954
TP. : 1962
TP. : 1970
SL. : 1930
The National Bureau of Statistics (NBS) showed on Wednesday that China’s economy expanded at an annual rate of 4.9% in the third quarter of this year, as against the 6.3% growth in the second quarter, beating estimates of 4.4%. China’s September Retail Sales YoY, jumped 5.5% vs. +4.9% expected and +4.6% prior reading while the country’s Industrial Production came in at 4.5% YoY vs. 4.3% forecasts and August’s 4.5%.
However, lingering concerns over a potential default by Country Garden Holdings, China's largest private property developer, on its $11 billion in offshore debt keep markets on the edge. Further, no signs of de-escalation on the Hamas-Israel military conflict remain the main underlying risk-off factor behind the tepid sentiment, enabling Gold price back toward multi-week highs.
GOLD BUY : 1944
TP. : 1954
TP. : 1962
TP. : 1970
SL. : 1930
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