Gold prices fell back from increased sessions as a day's risk turned into a risk-free day after the Trump administration announced that they were considering reducing investment in China. The White House floated the idea that they might consider forcing exchanges to abolish Chinese companies from US exchanges, as a retaliation of trade. Initially, gold was down early since stronger-than-expected US commodity orders lifted US yields, which put pressure on the dollar and downward weighting on gold prices.
Trading Gold with FXTM
Gold prices whipped in direction lower than higher and jumped just above the support near the 50-day moving average of 1 492. Resistance is seen close to the 10-day moving average of 1
Durable goods Order increase more than expected
Durable goods, which are goods expected to last more than three years or more, increased 0.2% in August after an increase of 2.0% last month. Expectations meant that the number of surplus goods fell by 1%. Orders for transport equipment fell 0.4% after jumping 7.2% in July. Motor vehicles and parts orders fell 0.8% last month. Orders for non-defense aircraft and parts fell 17.1%. Boeing reported on its website that it had only received six flight orders in August, down 25 since July. The Ministry of Commerce reported that orders for non-defense capital goods, excluding aircraft, a mandate for business expenses, fell 0.2% last month amid weak demand for electrical equipment.