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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 : August 20, 2018, 09:41:36 AM
The precious metal closed higher on Friday but ended the week on a bearish note shedding 2.9% of its prices, the highest since May 2017. The gains recorded on Friday was due to the weakness in the Greenback as Turkey’s Financial Crisis as well as trade war worries subsided. The Metal had been on an intense pressure due to fears over a drop in Production activity in China as a potential trade war with the USA took its toll on the nation. The Buck came under further pressure on Friday as consumer sentiment index released by University of Michigan fell to 95.3 the lowest in 11 months. Demand for the precious metal is sensitive to moves in the Dollar as a weaker Dollar makes Gold less expensive for holders of foreign currency hence increasing investor’s demand for the commodity.

Today, the instrument opened above the pivot an is still surging northward driven by the sentiment of increased expectations of a positive outcome from the US-China negotiation to end the trade dispute between the two largest economies. President Raphael Bostic of the Federal Reserve Bank of Atlanta will be speaking at the Johnson City Chamber of Commerce about the economic outlook by 4 pm, any sight of a hawkish statement from him will push the commodity to the downside. Traders are still advised to take advantage of the currently bullish move pending the speech

Re: GOLD (XAU/USD)

By: Adenosine (M) |Time : August 20, 2018, 09:50:58 AM
US Index is bullish now, any moment from now Gold will but is buying presently.

Re: GOLD (XAU/USD)

By: alagbe003 (M) |Time : August 21, 2018, 05:21:25 AM
US Index is bullish now, any moment from now Gold will but is buying presently.
That is what the hint suggest as at the time of writing. It was buying then (bullish)

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