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

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Market Analysis: XAU/USD (Gold)

By: alagbe003 (M) |Time : June 21, 2018, 09:12:49 AM
The demand for the safe haven commodity dampened in the session yesterday as sentiment hovering around a full-blown trade war between White House and Beijing waned. US 10 year Bond rose sharply yesterday sharpening investors’ appetite for riskier assets at the expense of havens. The Yellow metal was further pressured by the very hawkish statement of the Jerome Powell, the Federal Reserve Chair at the European Central Bank Forum on Central Banking, in Portugal where he reiterated the strength of the US labour market. Unemployment rate in the US fell to 3.8% in May and is forecasted to further fall below a level last seen in the 1960s.

Today, the instrument opened below the pivot and is currently trading on a week on the hourly chart ahead of the release of jobless claims from the US by 1:30 pm.
The US Federal Reserve Chair in his speech confirmed an outlook for higher rate hike stating that the bank will ensure a gradual pace of rate hike which is expected to further support bond yield. This sentiment is expected to further push the commodity to the south (sell).

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