Multiple bad air pesters! Gold fell below 1550 in early trading, gold prices may have hit bottom?

International spot gold was trading at $1,550.60 an ounce in early Asian trading on Friday. Gold ended the session down slightly at $1551.20 an ounce after a volatile session. Gold prices fell overall on Thursday as safe-haven buying took a hit amid a string of upbeat U.S. economic data suggesting the U.S. economy is in good health and optimism over a first-phase trade deal between China and the United States. In early Asian trading, gold accelerated its decline in the short term, falling through the 1550 barrier to a low of $1549.28 an ounce and remaining under pressure.

Bob Haberkorn, the senior market strategist at RJO Futures in New York, said gold was under pressure to weaken as trade conditions improved and the Middle East quieted down for now and markets cooled off from risk aversion.

“From a lot of people’s point of view, the deal looks pretty boring and there are a lot of issues that need to be resolved, which is one of the reasons gold is holding at $1,550,” said Craig Erlam, an analyst at OANDA. The fact that tariffs are still in place gives more hope that phase two is being taken more seriously.”

Stephen Innes, the market strategist at AxiTrader, said in a note: “this easing is certainly good for risk, but the deal will not change the outlook for the fed. This could lead chairman colin Powell to cut rates as the economic impetus for the first phase of the agreement may not be strong.”

Us series of data beautiful market risk-off cooling

At 9.30 pm Beijing time on Thursday, the latest US data showed retail sales rose 0.3 percent in December on expectations of a 0.3 percent rise and a 0.2 percent rise.

Comments pointed to a third straight month of growth in U.S. retail sales. Retailers had reported a drop in holiday sales due to reduced foot traffic at department stores, but December data showed retail sales still rose. The data suggest that households are still buying a lot of goods even as motor vehicles are buying less, which could reinforce the view that the economy will continue to grow at a moderate pace by the end of 2019.

Meanwhile, the number of Americans filing new claims for state unemployment benefits fell to 204,000 last week from an expected 216,000 to 214,000.

U.S. jobless claims fell for a fifth straight week last week, ending a rally in early December and falling more than expected, suggesting the labor market remains strong despite a recent slowdown in job growth.

Separate data showed the Philadelphia fed’s manufacturing index rose to 17 in January, well ahead of 0.3 and ahead of expectations of 3.8.

Zerohedge, a financial blog, said the explosion in the Philadelphia fed’s manufacturing index reversed the index’s recent collapse.

Fed governor Alan Bowman said on Thursday that policy rates were likely to remain at current levels this year and that the policy outlook had not changed. The US economy is “well-positioned” and likely to remain so. The improving outlook for the housing market was encouraging, telling builders that low-interest rates would continue to support construction.

Greg Anderson, global head of fx strategy at bmo capital markets, said the data was positive, particularly from the Philadelphia Fed. It reduces the likelihood of an already low recession.

Us senate formally accepts articles of impeachment trump calls’ a hoax ‘

The US Senate on Thursday formally accepted articles of impeachment against President Donald Trump, meaning the senate’s impeachment trial has officially begun. This is the third senate impeachment trial in U.S. history. Mr. Trump has expressed strong disapproval of the impeachment trial, calling it a sham.

Seven impeachment managers from the U.S. house of representatives formally read out the two impeachment charges against Donald Trump in the Senate on Thursday, kicking off the impeachment trial by chief justice John Roberts and all the senators present. Chief justice John Roberts will preside over the Senate impeachment trial of President Trump.

After the senate officially opened his impeachment trial, Mr. Trump responded that he had been impeached after a perfect phone call. Mr. Trump said the senate trial would proceed very quickly. The impeachment trial was “a sham”.

The US house of representatives on Wednesday voted to send articles of impeachment against US President Donald Trump to the senate. On the day of the vote, 228 votes in favor, 193 against. All Republicans voted against, one democrat voted against and the rest voted for.

House Speaker Nancy Pelosi, a Democrat, on Wednesday appointed seven house Democrats to lead the impeachment process, including intelligence committee chairman Robert Schiff and judiciary committee chairman timothy Nadler. Ms. Pelosi signed the articles of impeachment against Mr. Trump.

On Thursday, Schiff, the chairman of the House intelligence committee and one of the seven impeachment managers, read the impeachment manager’s appointment resolution and the house charges against trump on the senate floor and read the articles of impeachment. That means the impeachment process officially moves from the house of representatives to the senate.

Meanwhile, according to the government accountability office, a congressional watchdog, the trump administration “violated the law” by withholding congressionally approved military aid to Ukraine last year.

The ruling found that the President had no authority to suspend congressionally approved aid to foreign governments and that the White House budget office had violated the congressional budget and sequestration control act. The law says the White House cannot withhold congressional appropriations.

The US Senate has voted overwhelmingly to approve a deal between the US and Mexico that will be passed to President Trump to sign into law

The US Senate on Thursday approved a new north American trade deal that will be handed over to President Donald Trump to sign into law.

The republican-controlled senate approved the deal by a vote of 89 to 10. After Trump signs the three-nation agreement, it only needs Canada’s approval to take effect.

The Senate approved the trade deal ahead of an impeachment trial expected to begin next week. On Wednesday, the house of representatives submitted articles of impeachment to the Senate, which could take weeks to decide whether to convict Trump and remove him from office.

More than 14 months after north American countries agreed to the deal, the us-Canada deal will finally be handed over to the President. The Trump administration has worked with Democrats to address concerns about enforcement of Labour and environmental standards — changes that led most, but not all, democratic lawmakers to support the deal.

The senate’s approval of the us-Mexico Canada deal follows trump’s signing of some trade deals with China on Wednesday. The deal with China does not require congressional approval.

The trade deal makes several changes to the North American free-trade agreement (NAFTA), which came into force in 1994. Both Mr. Trump and the Democrats argue that NAFTA has hurt American workers by encouraging companies to move jobs out of the United States.

The US-Mexico-Canada agreement opens the Canadian dairy market to U.S. producers. It has tightened rules on the rules of origin for auto parts, requiring at least 40 percent of parts to be made in factories where workers earn at least $16 an hour. At the same time, it aims to update digital trade and copyright rules, among other changes.

The changes in labor enforcement brought house speaker Nancy Pelosi and the AFL-CIO, the largest trade union federation, into the discussion. Trade skeptics like Ohio senator Sherrod brown have voiced support for the deal. Previously, Brown had opposed the North American free trade agreement.

Gold outlook

Todd Horwitz, the chief market strategist at BubbaTrading.com, wrote that gold and silver appeared to have peaked after Tuesday’s rapid rally on fear. All of a sudden, these metals have found support and are holding on to it, and now it looks like they may have hit bottom.

Horwitz noted that the breakout pattern that appears to have seen metal prices rise to highs is being addressed through consolidation. Extreme patterns can resolve themselves in a number of ways. In this case, gold and silver appear to have formed an even higher low in the uptrend. We were looking for a reversal, but it never came.

Horwitz said that while we took a negative view after Tuesday’s outburst, our algorithm never went into reverse. We waited and waited for the reversal, but it never came. We’re going to stay long and focus on graphics and algorithms.

Analysts at Orbex wrote that gold is creating a hidden bearish divergence. The random indicator suggests that the high is moving up, but the price is moving down. This supports the downlink test area 1534. A break below that would imply a further fall to support at $1,514.

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