Comex Gold prices, rose because Technical Rebound

Gold futures on the COMEX division of the New York Mercantile Exchange ended up on Friday (16/12/2016) (Saturday morning WIB), as a result of "technical rebound" after falling dramatically on the previous day.

Comex Gold prices, rose because Technical Rebound


The most active gold contract for February delivery rose 7.6 US dollar, or 0.67 percent, to settle in 1.137,40 U.S. dollars per ounce, report Xinhua.

A technical analyst "rebound" from a sharp drop in gold prices provide support for the precious metal because the market reacts to the interest rate hike the Federal Reserve.

Analysts noted that the market is preparing to focus on interest rate hike next 2017 because the U.S. economy is in the process of improving. Investors believe the Fed will raise interest rates from 0.75 percent to highest percent during the FOMC meeting March.

According to the appliance Fed watch CME Group, probability implied today to raise interest rates from 0.75 to at least 0.75 is four percent of the February meeting and 26 percent for March meeting.
The gold gave further support for the U.S. dollar index fell 0.22 percent become 102,87 at 19.45 GMT. The index is the size of the dollar against a bag major currencies.

Gold and the dollar usually moves opposite the direction, which means that if the dollar fell and gold futures will go up because of the gold that is measured with the dollar become cheaper for investors.
A report released on Friday by the National Association of Realtors based in the United States shows "housing starts" or a new house built reached 1.090 units and building permit on the level of 1.201 units of both numbers is far worse than expected and give support to gold prices.

The long-term impact of the increases in the federal fund's rate will limit the increase in the price of the precious metal and tend to dominate the market thinking for the coming weeks.

Silver for March delivery rose 25.7 cents, or 1.61 percent, to close at 16,215 U.S. dollars per ounce. Platinum for January delivery rose 40,5 US dollar, or 4.3 percent, to close at 934,10 U.S. dollars per ounce.