Gold futures are poised to advance for a fifth consecutive trading session on Tuesday, shining more brightly as an alternate investment while the U.S. dollar drops in value, according to Bloomberg.
The value of the world's reserve currency dropped against the shared currency of the European Union in anticipation of a visit by Prime Minister Jean-Claude Juncker of Luxembourg to Greece on Wednesday. The Aegean nation's solicitation for an extension to the program for fiscal adjustment is at hand.
"It is the slightly firmer euro against the dollar that is supporting" the precious metal, owner Peter Fertig with Quantitative Commodity Research Ltd. in Hainburg, Germany, told the news source on Tuesday. "Gold has also been profiting on speculation that there may be more monetary easing" coming from central banks.
At 8:37 a.m. on Tuesday, gold futures gained 0.86 percent, a $14 lift to $1,637 per troy ounce.
Reuters reports the value of the greenback scraped its lowest value in almost two weeks against the 17-nation monetary unit as optimism about Greece benefited the embattled monetary unit.
Risk Disclosure
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.
