Gold rebounds from its lowest level in five weeks
2018-02-12 11:56 am | Resource: NEWS | No Views : 182
Gold futures rose on Monday, from a five-week low, based on the decline of the US dollar against a basket of global currencies, where it rose by 0.53% to reach levels of 1322 dollars an ounce, following the decline of the dollar index which The performance of the US currency against a basket of major currencies measures 0.25% to 90.15, after rising 1.4% last week amid a sharp drop in global stock markets.
Gold prices ended Friday's trading down 0.2%, and the previous day's lowest level in five weeks was 1307. An ounce, on the back of the rise of the US dollar, and over the past week gold prices lost 1.1%, the second weekly loss in a row, Against a basket of currencies, in conjunction with weak investment demand on the metal as a safe haven.
The US consumer price index is due next Wednesday, which may provide a clearer view of how often the Federal Reserve will raise interest rates. The strong US dollar usually affects gold, as it limits the metal's appeal as an alternative asset and makes commodities affordable. The dollar is more expensive for other currency holders, the Fed kept interest rates unchanged last month and raised inflation expectations, suggesting that borrowing costs will continue to rise under the leadership of new central bank head Jerome Powell.
Silver also saw strong gains in mid-European trade, climbing 1.49% to $ 16.38, affected by a rise in the yellow metal on Monday.
Time frame Used - four hours The NASDAQ 100 is moving in a sideway direction in the near term The purchasing power managed to control the movement of the NASDAQ 100 index to reach again to the main resistance level around the level of 7470 where it faces resistance and selling pressure around this level to retreat to the level of support 7404 forming a positive candlesticks pattern In view…
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