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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 23, 2018, 09:42:42 AM
Gold touched the $1200 psychological price level in the session yesterday in a bid to continue the recent demand for the haven commodity but could not sustain the bullish move as it fails to break the turncoat resistance in the region. The Commodity rose modestly after National Association of Realtors revealed that Existing Home Sales in the US dropped to the lowest level in over a year, but it lost the momentum after a slightly hawkish minute of the FOMC July meetings. Members of the FOMC signaled their support for another hike in September but remain cautious of the possibility of international trade disputes hampering their schedule.

Today, the instrument opened below the pivot and is still surging southward on major timeframes as the sentiment generated from the hawkish FOMC minutes continued to weigh on the commodity. The Greenback was boosted by the possibility of a fresh round of US tariffs on China despite the meeting held between the US-China negotiators. President Trump is not optimistic about the success of the meeting as he plans to impose a fresh $16 billion worth on new tariffs on import from China today. As the commodity to continues to trade below the $1200 level, the bears are still in charge of the commodity.

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