The Gold chart is showing a compelling formation. There appears to be a double bottom giving the December Gold support at around 1117.00.
On one hand the Chinese currency debacle has tripped up sentiment, but on the other hand the markets have not shown progressive anxiety, and the shelf-life of the crisis appears fairly short.
The market was handed a bit of a wild card early this morning, it will be really interesting to see how this affects the market for food.
With a number of longer-term moving averages signaling reversals in several currencies, fresh record highs in a number of global equity market measures and crude oil prices managing to hold $10 to $12 a barrel above their 2015 lows, global macroeconomic prospects are improving.
The currency of China marked losses against the world’s reserve currency on Thursday after the national statistics office released data noting June export data was underwhelming, according to Bloomberg.
The Chinese yuan slipped on Wednesday against the world’s reserve currency after the People’s Bank of China set a lower reference rate, according to Reuters.
Prospects for strong supplies prompted cotton futures to slip in value on Thursday, one day after falling into a bear market, according to Bloomberg.
The Chinese yuan fell toward its lowest value since late 2012 against the world’s reserve currency on Thursday as a consequence of the People’s Bank of China reducing the daily exchange rate while the U.S. dollar advanced in value, according to Bloomberg.
The Chinese yuan endured slight weekly losses against the world’s reserve currency this week after the central bank of the Asian nation reduced the daily reference rate, according to Bloomberg.
The Chinese yuan spearheaded Asian currencies’ climb in value against the world’s reserve currency on Tuesday as the renminbi rose after scraping its lowest value since late 2012 last week, according to Bloomberg.