{"id":9947,"date":"2010-06-03T09:46:14","date_gmt":"2010-06-03T13:46:14","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9947"},"modified":"2010-06-03T09:46:14","modified_gmt":"2010-06-03T13:46:14","slug":"spot-gold-prices-continue-to-drop-as-equities-gain","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/03\/spot-gold-prices-continue-to-drop-as-equities-gain\/","title":{"rendered":"Spot Gold Prices Continue to Drop as Equities Gain"},"content":{"rendered":"<p><strong>By Russell Glaser <\/strong>&#8211; The price of spot gold has fallen the past two days as a rise in risk  taking has boosted riskier assets such as equities and higher yielding  currencies. Better than expected U.S. pending home sales have increased  traders risk appetite and the positive sentiment may continue into the  end of the trading week.<\/p>\n<p>Following the rise in global equities,  spot gold prices are trading lower at $1216 from an opening day price of  $1221.<\/p>\n<p>Yesterday and today the major equity indices have been trading higher  following better than expected U.S. pending home sales numbers. New  home sales rose 6.0% for the previous month. Market expectations were  for a rise of only 4.9%.<\/p>\n<p>The Dow Jones Industrials Average finished the day up 2.25%. The DAX  is up 1.77% today while the Nikkei Average is up 3.24%.<\/p>\n<p>The higher risk taking is fueling the declines in spot gold along  with spot crude oil, the dollar, and the yen. The main benefactors to  the risk taking environment have been equities and higher yielding  currencies such as the Australian dollar and the euro.<\/p>\n<p>A trend of rising risk taking may continue to prevail in the market  with the major upcoming economic data releases. Today will bring the ADP  Non-Farm Employment Change and U.S. manufacturing data. Tomorrow will  have the all important U.S. Non-Farm Employment Change numbers. The key  data release will provide clarity as to the extent of the economic  recovery in the U.S.<\/p>\n<p>Positive numbers, especially from the unemployment picture could  continue to bring declines in spot gold prices. The next minor support  level for spot gold rests at the level of $1213 while the next major  support rests at $1192.<\/p>\n<p><strong><em>Forex Market Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex     Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and     may not be suitable for all investors. There is a possibility that   you   could sustain a loss of all of your investment and therefore you    should  not invest money that you cannot afford to lose. You should be    aware of  all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; The price of spot gold has fallen the past two days as a rise in risk taking has boosted riskier assets such as equities and higher yielding currencies. Better than expected U.S. pending home sales have increased traders risk appetite and the positive sentiment may continue into the end of the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/03\/spot-gold-prices-continue-to-drop-as-equities-gain\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Gold Prices Continue to Drop as Equities Gain&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9947","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=9947"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9947\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}