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GOLD (XAU/USD)

By alagbe003 (M)July 09, 2018, 09:17:21 AM
The Precious metal edged lower of Friday but ended the week on a bullish note despite the weakness in the Greenback. Non-Farm employment Change released by the US Bureau of Labour Statistics showed that 213,000 jobs were added as against economist forecast of 195,000 jobs. The unemployment rate, on the other hand, rose unexpectedly to 4% while average hourly earnings fell short of the 0.3% at just 0.2%. The data cast a lot of doubt on the possibility of the US Federal Reserve Bank to increase rate two times before the end of this year.


Today. The instrument opened below the pivot and is currently on a verified resistance level on the hourly chart on a day with no major economic data from the US with direct bearing on the commodity.
The Dollar is currently struggling against all major currencies as the job-related data released on Friday continued to weigh heavily on it. The Yellow metal reacts to the strength of the Greenback as a weakened dollar makes Gold cheaper for the holder of foreign currencies thereby pushing up demand for the safe haven commodity. Hence a bullish move is envisaged.


Re: GOLD (XAU/USD)

By princepointJuly 09, 2018, 09:57:30 AM
Gold no doubt bullish trend as usd continue to struggle


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