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Gold is shining brighter among commodities on second day of Chinese devaluation of Yuan, weaken dollar. Investors feared that slowdown in China will have considerable impact on FED's policy decision on rate hikes and might push any such decision further into the future.
- Gold has cleared above $1120 key resistance area today, capitalizing dollar's weakness. Gold might trade as high as $1150/troy ounce going ahead. Gold has long been due the correction, since bears were unable to push below $1070 area. Gold is trading around $1121/ troy ounce.
- FXCM US Dollar index has broken below its recent range, suggesting further rout in Dollar as possible. The index, which is value of dollar, against basket of currencies is currently trading at 11970, blow its range of 12060-11980.
The gain is being led by Franc (+1.8%), followed by Euro (+1.26%), and Yen (+0.9%). Pound is clearly lagging with only +0.28% gains.
