Gold prices closed higher at $1900 again

Gold Price Weekly Outlook: 14th October 2020

Gold prices rose during trading today at online brokers, Wednesday, in conjunction with the USD falling against most of the global currencies and following the release of positive economic data.

Gold prices have somewhat regained the reins, amid anticipation for more on the presidential election in the United States, which approaches in November.

XAUUSD Outlook - 14th October 2020

XAUUSD Outlook – 14th October 2020

Some forex brokers revealed that the producer price index in the United States rose by 0.4% in the past month, while expectations indicated a rise of 0.2%.

For its part, the French government declared a state of health emergency and re-imposed restrictions on its citizens due to the outbreak of the “Corona” virus.

Gold prices fell under the pressure of the USD increasing

The USD fell slightly against most of the major currencies during trading on Wednesday, giving up its previous gains, despite the release of better-than-expected government data.

The markets absorbed optimism in the markets about the talks of the second financing package to combat Corona between the White House and the US Congress.

On the other hand, the company, “Johnson & Johnson” this week announced the suspension of trials of the third phase of its vaccine against coronavirus due to the emergence of serious symptoms on one of the volunteer cases.

Government data revealed that the producer price index in the United States rose by 0.4% in the last month, while expectations indicated a rise of 0.2%.

Excluding energy and food prices, which are more volatile commodities, the PPI rose by 0.4%, also higher than expectations of 0.2%.

In terms of trading, the dollar index fell by 20:00 GMT by 0.2% to 93.3 points and recorded the highest level at 93.6 points and the lowest level at 93.2 points.

Professional Trader and Analyst, economist in Financial and Forex marketsince 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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