Gold pulls back from 2-month high as dollar rebounds | SAPFOREX24

Gold prices edged lower during European morning trade on Tuesday, pulling back from the prior session's two-month peak as the dollar firmed after earlier losses.

Gold for February delivery on the Comex division of the New York Mercantile Exchange dipped $2.00, or around 0.2%, to $1,213.55 a troy ounce by 4:10AM ET (09:10GMT), after rallying $10.70, or 0.9%, a day earlier.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.2% at 100.15, recovering after slumping to a seven-week low of 99.88 earlier.

The dollar sold off after President Donald Trump's nominee for Treasury Secretary Steven Mnuchin said that an "excessively strong" dollar can have negative short-term impacts on the U.S. economy.
Mnuchin is still awaiting confirmation by the Senate, which has yet to schedule a vote.

Prices of the yellow metal jumped to $1,219.40 on Monday, a level not seen since November 22, as the U.S. dollar tumbled amid uncertainty around the economic policies of new U.S. President Donald Trump.

In his latest executive order, Trump signed to formally withdraw the U.S. from the 12-nation Trans-Pacific Partnership trade deal, distancing America from its Asian allies.

Trump has also vowed to renegotiate the North American Free Trade Agreement (NAFTA) with leaders of Canada and Mexico.

Global financial markets will continue to focus on Trump for further details on his promises of tax reform, infrastructure spending and deregulation, as well as insight regarding policies on China and the domestic economy.

The president vowed “massive” cuts in taxes and said he could reduce regulations by "75% or more" to help businesses create more jobs in the U.S. in a meeting with top executives of U.S. companies at the White House on Monday. Trump also reiterated his pledge to impose a hefty border tax.

Trump plans to meet with automotive executives at the White House on Tuesday.
Also on the Comex, silver futures for March delivery dipped 3.4 cents, or 0.2%, to $17.15 a troy ounce during morning hours in London.

Meanwhile, platinum tacked on 0.6% to $985.35, while palladium added 0.9% to $778.33 an ounce.
Elsewhere in metals trading, copper futures rose 0.6 cents, or about 0.3%, to $2.654 a pound.

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Basic Forex Market concepts for the beginners- SapForex24

The first ones use benefits  of Forex market for exchanging national currency, the latter ones use brokerage services for trading on difference in rates, thus, earning some Money. Brokers give a chance to traders Share in the Forex market and carry out sell or buy transactions using their advantage.

Brokers want to have a license, which gives them entrance to the Forex market. The entrance to Forex is not available for everyone. You Want to be a client of a brokerage in order to get entrance to the market and then, carry out buy or sell trades. All exchange rates of all national currencies at the Forex are rated versus each other.

Desirable features the Forex currency market

Have you ever thought why demand of Forex currency market is increasing every day, entrance great number of investors and traders? The fact is that Forex  Market is a unique place, which is different from other exchanges. Let’s look into Benefits of Forex market.

Liquidity

Liquidity of the currency market is a market’s Benefits to Buy or sell capital quickly. High liquidity of the capital means that is can be sold quickly in the International market. High liquidity of the currency market is based on the following factors:

·         The number of the currency market contributor is very large  most of them are major financial organization, which usually carry out large-scale deals in the Forex market.

·         Forex market does not have hard work schedule, work  24 hours a day. That is why market is active all the time as after the execution of one trading session, the other session just begins.

·         Currency market is a market of exchanges in the national currencies, which also increases liquidity in the Forex market.

 Accessibility

As you know, everyone, who has obtain to Internet can become a Forex trader. You even do not need a computer  now as you can trade just on your mobile phone or other modern devices. Forex market is available and affordable for all!

Margin trading

Margin trading on is a big benefit of the Forex market, as Forex brokers provide leverage to their traders, prepare them to use biggest funds for forex trading, than they have present. Trader’s profit depends on the volume of a transaction. The higher is the volume of the deal, the higher is your profit.

Low deposits

You do not require to have a fortune in order to trade at Forex Market. You can start just having $100, gradually increasing trading volume by using your profit, which you received from a broker, or you can capture in the trust management accounts and using investors’ funds for trading. You have infinite possibilities.

Oil prices rise as markets eye OPEC, non-OPEC production cuts- SapForex24

Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining a global supply glut.

International Brent crude oil prices (LCOc1) were up 16 cents, or 0.3 percent, at $56.98 a barrel at 0802 GMT on Tuesday - close to last year's high of $57.89 per barrel, hit on Dec. 12. Oil markets were closed on Monday after the New Year's holiday.

U.S. benchmark West Texas Intermediate (WTI) (CLc1) crude oil prices were up 22 cents, or 0.41 percent, at $53.94 a barrel, not far from last year's high of $54.51 reached on Dec. 12.
Jan. 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day.

Market watchers said January will serve as an indicator for whether the agreement will stick.
"Markets will be looking for anecdotal evidence for production cuts," said Ric Spooner, chief market analyst at Sydney's CMC Markets. "The most likely scenario is OPEC and non-OPEC member countries will be committed to the deal, especially in early stages."

Libya, one of two OPEC member countries exempt from cuts, increased its production to 685,000 barrels per day (bpd) as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC).

Elsewhere, non-OPEC Middle Eastern oil producer Oman told customers last week that it will cut its crude term allocation volumes by 5 percent in March.

Non-OPEC member Russia's oil production in December remained unchanged at 11.21 million bpd, still near a 30-year high, but it was preparing to cut output by 300,000 bpd in the first half of 2017 in its contribution to the production cut accord.

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