Gold Price At 4-Months Highs After Chinese Trade Data Mixed and U.S. Dollar Weakness
Jan, 12th 14:03
Gold prices were trading at four-month highs on Friday in Asia with Chinese trade data, providing a mixed picture on global demand prospects and potentially higher inflation. Today’s gains have taken gold to its highest value so far in 2018.
China reported trade data for December with exports up 10.9%, compared to an expected gain of 9.1%. Imports posted a 4.5% rise, compared to a 13.0% increase expected and the trade balance came in at $54.69 billion surplus, compared to an expected surplus of $37 billion.
Gold prices rose to nearly four-month highs as the dollar came under pressure after the euro surged on hawkish European Central Bank meeting minutes suggesting monetary policy tightening may soon follow.
This rally, which began in mid-December with gold trading at $1238, has been driven by multiple factors, further supported by a weakening U.S. dollar that has had the enormous impact.
Gold has made higher highs and higher lows on the daily charts. The price action is trading above all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 72.60 and the MACD is above the signal line.
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