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Gold daily update for 6th November 2017

BY DEB SHAW | 

Gold is trading flat today after weakening last Friday. In general, the precious metal remains weak thanks to rising growth and inflation. Recent US economic data (such as ISM non-manufacturing PMIs and Markit Composite PMIs) suggest strong growth while rising crude oil prices are likely to result in accelerating inflation. Despite the appointment of  Jerome Powell to the role of Fed Chairman, expectations for future interest rates continue to increase. This is because the Federal Reserve has historically hiked rates following strong growth and inflation data. Looking at technicals on a daily chart, gold is neither oversold nor overbought and continues to trade within a normal range. Our medium-term outlook on gold remains bearish.  

After its most recent top above $1,300, gold is now below $1,269. 

Updated