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GOLD (XAU/USD): Business : Nigerialog.com - Nigeria's Premier Online Forum

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GOLD (XAU/USD)

By: alagbe003 (M) |Time : July 12, 2018, 09:06:20 AM
The first day of the North Atlantic Treaty Organization also called the North Atlantic Alliance holding in Brussels, Belgium aided the Greenback as President Donald Trump lambasted allies of spending less than 2% of their GDP on defence.
Producer Price Index (PPI) and Core PPI released by US Bureau of Labour Statistics showed a positive change in the price of goods and services sold by US producers. This data further cement the expectations of an additional rate hike in the US. A stronger dollar makes commodity quoted in the currency more expensive for holders of foreign currencies dampening the demand for the Yellow Metal.

Today, the instrument opened below the pivot retracing off a support level on the hourly chart ahead of the release of Consumer Price Index (CPI), Core CPI as well as Unemployment Claims from the US by 1:30 pm. The second day of the ongoing NATO meeting is expected to influence the movement on the commodity as Leaders await to hear the Military approach of President Trump to end the Afghan war (The US had a series of air strikes to the Militant territory last August and forced the Taliban militants to the negotiating table). Traders are advised to take advantage of the current retracement off the support (buy) pending the release of the Inflation data from the US.

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