The world's reserve currency slumped to its lowest value in four weeks against the shared currency of the European Union in anticipation of a report from the U.S. government projected to indicate last month saw the pace of manufacturing slow down. But U.S. business activity developed more slowly last month since late 2009, economic data revealed on Monday.
"The market may be factoring in the hopes of possible policy easing after some of the softer data numbers that came out" of the U.S., analyst Natalie Robertson with Australia & New Zealand Banking Group in Melbourne told the news source. "Buyers will come into the market when they see a certain direction or momentum buying occurring."
At 8:18 a.m. on Tuesday, gold futures increased 0.15 percent, a $2.50 lift to $1,666.70 per troy ounce.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.