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MTECHTIPS:- Gold ends three-day skid amid stronger than expected China trade data
Gold inched up halting a three-day losing streak, as stronger than expected trade data in China bolstered the value of the precious metal. On the Comex division of the New York Mercantile Exchange gold for February delivery traded between $1,079.60 and $1,091.30 an ounce, before settling at $1,090.70, up 5.40 or 0.50% on the session. Gold is just off nine-week highs from last week when it surged above $1,110 an ounce. Since falling to fresh six-year lows in early-December, gold has gained more than 3% in value. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,162.00, the high from Oct. 29. On Wednesday morning, China’s General Administration of Customs reported that itsexports fell 1.4% on annual basis in December, considerably less than analysts’ forecasts for a drop of 8.0%. Export levels throughout China have received a great deal of attention at the start of the new year after the People’s Bank of China (PBOC) opened 2016 by devaluing the yuan by more than 1.5% last week. For the month of December, Chinese exports also strongly outperformed neighbors in Taiwan and South Korea. Chinese imports, meanwhile, plunged by 7.6%, moving lower for the 14th consecutive month. The slide, however, wasn’t as precipitous as feared after a drop of nearly 9% in November. Analysts expected a monthly decline of 11.5%. As a result, China produced a trade surplus of $60.09 billion above expectations of $53.0 billion last month.
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