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Market Analysis: XAU/USD (Gold): Business : Nigerialog.com - Nigeria's Premier Online Forum (100 views)

Market Analysis: XAU/USD (Gold)

By alagbe003 (M)May 10, 2018, 10:19:29 AM
The yellow metal closed lower yesterday as the surge in US treasury yield weighed heavily on the demand for the precious metal. The tension arising because of the decision of the White house to back out from the Iranian nuclear deal was neutralized by the prospect of a meeting between the White House and the North Korean Leader, Kim Jong-un. Safe Haven commodity was fairly boosted by the weakness in the dollar due to the release of unimpressive Producer Price Index released by the US Labour Department. The instrument closed slightly bearish trading between resistance level 1318.23 and support level 1304.15 through out the session.
 
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Today, the instrument opened below the pivot and is currently struggling with a weak resistance level on the hourly chart ahead of the release of Consumer Price Index (CPI), Core CPI and Unemployment Claims by 1:30 pm.
The Greenback is expected to remain steadied today as US bond yield successfully rose above the psychological level of 3% as well as the prospect of a better than forecasted inflation data to be released later today. A retracement off the current support level (buy) is envisaged pending the release of the economic data.


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