FXstreet.com (Barcelona) - The Gold is trading higher today's session and after rising from $1,104/oz in the early Asian morning to reach the $1,114/oz, the XAU/USD has been trading in consolidation mode above $1,110/oz during the European session.
Currently the gold is trading around $1,111/oz, reaching 0.63% daily gains from opening price action at %1,104/oz.
The Aussie has been trading higher today's session against the Greenback on the back of the gold moving up during the Asian session. The AUD/USD has rising around 60 pips in the early Asian morning from 0.8825 to reach the highest level since December 21 at 0.8885. During the European morning, AUD/USD has been trading in range between 0.8875 and 0.8885.
The Forex.com Research Desk says: AUD/USD was the lone exception as bidders took advantage of the thinned market and pushed the pair from 0.8830 to 0.8885 highs on the day. Gold also made a nice move higher, gaining almost $5 in value to $1113.00 highs on the day... Expect volatility to increase as liquidity thins still further into the end of the year and for trading conditions to remain extremely choppy. There is no data due up in London.
The NZD/USD has fallen in the European early morning to 0.7070 after reaching 1-week high at 0.7090, currently the pair is moving around 0.7080/90.
The Varengold Bank Research Team comments: Since November the currency pair has been trading in a bearish environment and fell close to a bearish trend-line near to its longterm support-level at 0.6969. In the next time the NZD may recover up to the resistance line as similar as you can see in the chart-formation in November. On the other hand the DMI indicate that the recovery-phase could end soon and the bears may aim the long-term support again.
To have on eye, the Trade The News Staff affirms that Dollar could rise today's American session as US company may close its position to recover profits, putting pressure on Commodities There has been speculation on today's session that US companies may be bringing some of their profits back home, which is seen as US dollar supportive.
Finally, according to the Oil N' Gold Team, commodities are rising as strong data shows economic recovery, but Dollar strengthening could be negative to the gold: As expected, gold price slid for the 4th consecutive week in the week ended December 24. The February contract lost -0.6% to settle at 1104.8. After plunging to as low as 1075.2, the yellow metal has found a temporary bottom and rebounded. Currently trading at 1113.3, the benchmark contract climbs as USD pares previous gains. However, there's substantial risk for the dollar to strengthen again as signs of US growth ignite optimism for an early Fed rate hike. This would be negative for gold's outlook.