Gold hits gains in European trading on Thursday after a 4-day losing streak
2018-05-10 12:19 pm | Resource: NEWS | No Views : 55
Gold is on the rise in European trading on Thursday, after a 4-day losing streak, with the US dollar falling from a 5-month high and eyeing key data on key US inflation levels that provide strong evidence of policy tightening American cash during the year.
The dollar index fell 0.3% on Thursday, heading towards the first loss in five days on correction and profit taking after hitting a five-month high of 93.25 points earlier in the day.
Gold prices rose by 0.37% to reach $ 1317 per ounce after recording a low of $ 1310 per ounce and opened today's session at 1312. $ per ounce to reach the highest level at 1318 $ an ounce.
Looking at the silver trades, the silver lost 0.70% to reach $ 16.65. Silver opened today at $ 16.51 and hit a high of 16.67 and a low of 16. , $ 50 per ounce.
Forecasts indicate that consumer prices will rise to 0.3% in April from 0.1% in March and an expected annual reading of 2.5% from 2.4% last month.
It should be noted that the positive of these data will enhance the chances of raising US interest rates in June, which will push the dollar index higher, which negatively affects the trading of the yellow metal.
Time frame Used - four hours Oil is moving in a sideway in the near-term Purchasing power managed to push oil to level of 72.60 where it faces resistance around this level In view of the technical indicators Both the RSI and the Stochastic are pointing to the continued decline of the indicators Therefore, we expect that the oil will test level of 70.33 again The alternative scenario is…
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