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Weak Export Data Hold CPO Price to Rise  - icdx.co.id
  • (22/11 – 29/11) Gold prices rose by 0.11 in the past week
  • U.S.-China relations still mined certainty ahead of the agreement deadline

Market Review

The gold price had increased and posted an increase of 0.11% in throughout the last week trading session.

The sheer rise in gold prices was due to the sentiment of world’s geopolitical issues ups and downs like the US-China trade war and the slower global economic growth arising from the disappointing release of US economic data.

The trade negotiation issue was positively reported with a statement from a number of optimistic parties that the first phase of the deal would be reached before 2020. Nevertheless, the relationship between the two parties is still mined by certainty that there have been no follow-up steps of the Chinese threat in order to respond US’ bills related to the Hong Kong issues. From the economic indicator side. U.S. Consumer Confidence data from November 2019 was released in the 125.5 level, lower than the previous period at level 126.1.

Currently, the price of gold is still moving around the $1460 zone looking forward to the latest developments related to the U.S.-China relationship and some of the Central Bank’s monetary policy.

Chart CPO 181105 - icdx.co.id

Price Performance Indicators

Pekan Lalu % Perubahan
GOLDUD $ 1.462,400 +0,11%
GOLDID Rp 20.620.000 +0,13%
GOLDGR Rp 669.200 +0,21%
XAUUSD $ 1.462,150 +0,12%
COMEX $ 1.470,50 +0,15%
USD/IDR Rp 14.100 +0,01%

Market View

US-China Relationship

For the week ahead, sentiment still focussed on US-China relationship, especially ahead the 15th December tariff that will be applied by US on Chinese products. For information, both party last week said that the deals were closed but a side of the deal US also approved a bill to backed Hong Kong’s protester which may offend China. Will the trade deal be resolve in the week ahead that may move the gold prices?

This Week: 2 Central Bank Meeting and 3 US Important Data

This week will be busy enough for financial market, especially driving the global risk sentiment. RBA and BoC is planned to meet, with both central bank is expected to hold their rates at the end of the year, the decision may move the market’s risk sentiment on how the global central bank will move their rates. Three US employment data also become the focus for gold market this week, with 2 out of 3 data is expected to show improvement, while the rest is expected to stay at current level. Will both fundamental issue drive the gold market lower or reverse and move approaching its highest level?

WEEKLY ECONOMIC DATA & EVENTS CALENDAR

Date Data/Events Actual Expectation Previous
03/Dec AUD – RBA Rate Statement 0,75% 0,75%
04/Dec AUD – GDP q/q 0,5% 0,5%%
04/Dec CAD – BOC Rate Statement 1,75% 1,75%
04/Dec USD – ISM Non-Manufacturing PMI 54,5 54,7
05/Dec NZD – RBNZ Gov Orr Speaks
05/Dec AUD – Retail Sales m/m 0,3% 0,2%
05/Dec All – OPEC Meetings
06/Dec CAD – Employment Change 10,0K -1,8K
06/Dec CAD – Unemployment Rate 5,5% 5,5%
06/Dec USD – Average Hourly Earnings m/m 0,3% 0,2%
06/Dec USD – Unemployment Rate 3,6% 3,6%

Sumber: Riset ICDX




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