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Gold starts trading on week gains on Monday

2018-07-09 10:04 am | Resource: NEWS | No Views : 143

Gold opens the week on gains on Monday, following the release of the US jobs report last Friday, amid a drop in the US dollar index, to a three-week low.

The dollar index fell Monday by 0.21 percent, resuming losses for a fifth straight session, reaching 93.65, the lowest level since June 14.

In US data on monthly jobs, employment in the United States rose more-than-expected in June, according to a report released by the Labor Department on Friday.

Non-farm payrolls jumped 213,000 jobs in June after rising 244,000 jobs in May, the report said

Investors are now eyeing European Central Bank (ECB) Governor Mario Draghi's testimony before the European Parliament's Economic and Monetary Affairs Committee.

As investors look for signs of a rate hike for European funds next year.

Gold prices rose 0.65% to $ 1263, after hitting a high of $ 1264 and a low of $ 1255 compared to opening at $ 1256.

Looking at silver, it lost 0.97% to $ 16.22, after hitting a high of $ 16.23 and a low of $ 16.07.

Other analysis

USD/JPY Technical analysis 12 November 2018

Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term The USDJPY faced resistance and selling pressures around level of 114.08 to retreat below the lower boundary of the rising wedge pattern around the 113.68 level In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect that the USD/JPY will target…

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