Gold to Follow Crude Oil Higher on Dovish FOMC Outcome

Gold prices may follow an overnight rebound in crude oil as a dovish Federal Reserve policy announcement drives demand for precious metals.

Gold prices may follow an overnight rebound in crude oil as a dovish Federal Reserve policy announcement drives demand for precious metals.

EUROPEAN SESSION UPDATE: Following the parliament’s rejection of the bank levy, it is unclear how Cyprus will raise the money necessary to unlock the bailout; Cyprus FinMin engages counterpart in Russia…

The recent fall of precious metals prices fall may have been stem by speculation around the U.S data: the recent reports show some signs of progress in the U.S economy such as the rise in the core durable goods.

The Japanese Yen and the US Dollar are two of the worst performing major currencies today as risk appetite has improved dramatically over the past 24-hours, largely predicated around progress in both Europe and the United States. Accordingly, the Euro has been the top performer

The price of precious metals changed direction again and finished yesterday up.

Continued here:
Forex: Canada Retail Sales Rose Less Than Expected In September; CAD Weakened
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Retail forex trading crowds continue to sell the US Dollar and Japanese Yen against major counterparts. We forecast further USD and JPY declines.

The prices of precious metals continue seek direction as both metals changed direction and declined yesterday.

Different hours of the day are characterized with different market behavior.

The Spanish government is discussing a proposal to grant residency to foreign buyers of homes.