Gold Prices Keep Rising on Thursday

Gold price continues its upward trend on Thursday. This rise is attributed to Turkey’s invasion of northern Syria and the trade discussion between the United States and China.

These events have turned investors towards the yellow metal.

Consequently, gold futures for delivery in December rose by 0.08% to $1,513.95 on the Comex division of the New York Mercantile Exchange.

Also, gold is maintaining its bullish session as earlier this morning it found support at $1,492.10 and resistance at $1,522.20.

Elsewhere on Comex, Silver for delivery in December rose by 0.32% and traded at $17,867 per troy ounce while Copper for delivery in December rose by 0.43% to trade at $2,579 a pound.

The U.S. Dollar Slips

The U.S. dollar fell amid the latest updates from the U.S. - China trade discussions and the U.S. Federal Reserve Chairman, Jerome Powell’s speech yesterday.

As a result, the U.S. dollar index fell by 0.1% to $98.722 against a basket of other currencies this morning.

According to a report this morning, the trade discussions between the U.S. and China made “no progress”.

Consequently, the USD/CNY pair dropped by 0.2% to 7.1145 and the GBP/USD pair rebounded by 0.2% to 1.2227 despite no compromised being found yet between the U.K. and the E.U.; thus increasing the risk of a “No-Deal Brexit” on October 31st.

The USD/JPY pair remained slightly steady at 107.47.

Crude Oil Futures Keep Slipping

Crude oil futures slipped again on Thursday as delivery for November dropped by 0.34% to $52.41 per barrel on the New York Mercantile Exchange.

As the barrel traded in a bearish period, crude oil found support at $51.41 and resistance at $54.06 this morning.

Elsewhere on ICE, Brent oil for delivery in December fell by 0.27% and traded at $58.16 a barrel.

Financial Events to watch for today

09:20 GMT
Bank of England Governor Carney Speaks [U.K.]
12:30 GMT
Core CPI (MoM) (Sep) [U.S.]