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Gold Enters Decisive Zone Amid Growing Geopolitics While On Downward Trend
www.investing.com/analysis/gold-enters-into-decisive-zone-amid-growing-geopolitics-while-on-downward-trend-200321610
Gold Enters Decisive Zone Amid Growing Geopolitics While On Downward Trend
By Satendra Singh | Jun 03, 2018 02:28AM ET Since my last analysis of the movement of Gold futures I've found that the gold futures have entered into “Decisive Zone” while on a downward trajectory. The jobs report showed broad gains and the Fed would add a fourth rate hike to its projections at its September meeting.
As Italian political turmoil subsided, markets saw weaker demand for safe-haven assets such as gold. The country has been unable to form a government since an election in early March, but the euro-skeptic populists and pro-EU establishment lawmakers renewed efforts to build a coalition rather than force a new election.
The U.S. dollar index that tracks the greenback against a basket of six major currencies added 0.16% to 94.11. The greenback oscillated around the 94 value on Friday morning.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.
U.S. President Donald Trump’s administration refused to extend the reprieve on tariffs on imported steel and aluminum for the EU, Canada and Mexico while threatening more tariffs on other imported products such as automobiles, clouding the global trade outlook. To understand the following charts, check this out.
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Gold Enters Decisive Zone Amid Growing Geopolitics While On Downward Trend
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