Gold prices usher trading week on declines
2018-03-12 10:07 am | Resource: NEWS | No Views : 136
Gold futures are trading lower on the back of optimism on financial markets, which is reflected in the positive performance of Asian stocks today, after a better-than-expected job report from the United States. Where gold prices fell by 0.35% to reach levels of $ 1319 per ounce after recording a low of $ 1318 per ounce and opened today's session at 1324. $ per ounce to reach the highest level at 1325 dollars an ounce.
Gold prices lost 0.3% last week, marking the second weekly loss in a row. After the US dollar index rose in line with the inverse relationship between them after the announcement of the change in the jobs of sectors other than agriculture, which showed the acceleration of job creation to 313 thousand compared to 239 thousand jobs added in January, contrary to expectations of 205 thousand added jobs.
Despite stronger-than-expected job growth, the unemployment rate was 4.1 percent in February. The unemployment rate was expected to fall to 4.0 percent. The report also said the annual growth rate in average employee earnings per hour fell to 2.6 percent in February from 2.8 percent in January.
On the other hand, silver saw losses during the Asian session, followed by the precious metal, with silver falling 0.65% to $ 16.50. Silver opened today at $ 16.59, At 16.63 and the lowest level at $ 16.48 per ounce.
Last Friday's silver prices lost 0.1%, the second consecutive daily loss, on the back of the US dollar's rise. Silver prices fell 0.2% last week, the second weekly loss in a row, on strong odds of raising interest rates Four times this year.
Time frame Used - four hours Oil is moving in a sideway direction in the near term Oil is still facing resistance and selling pressure around level of 71.44 forming a negative candlestick pattern In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect oil to drop to 70.42 - 69.53 The alternative scenario is that the oil…
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