Gold opens new week on gains despite investors increased risk appetite
2018-05-14 09:01 am | Resource: NEWS | No Views : 202
Gold opens new week's gains on gains, despite rising risk appetite among investors, and reduced trade tensions between the US and China.
As the world's top nuclear negotiator Kim Jong-un and US President Donald Trump are due to meet in Singapore next month after North Korea announced its plans to dismantle the nuclear test site from May 23 to 25, depending on weather conditions, the official KCNA news agency reported. A statement issued by the Ministry of Foreign Affairs.
The decline in the dollar index also helped the gold price rise because of the inverse relationship. The dollar index recorded a 5-month high in the past week but turned to a drop after weak US inflation data on Thursday, Expectations of further monetary tightening by the Federal Reserve.
The dollar index fell 0.17% on Friday, hitting its first weekly loss, on correction and profit taking, after hitting a five-month high of 93.25 points earlier in the week.
Gold prices rose by 0.06% to reach $ 1321 per ounce, after reaching a low of $ 1318 per ounce.
Looking at silver trading, silver lost 0.10% to reach $ 16.73. Silver opened today at $ 16.70 and hit a high of 16.76 and a low of $ 16.76. $ 16.68 per ounce.
Gold prices gained 0.6% last week, marking the first weekly gain in a month, on the back of the US currency's rally against a basket of major and minor currencies.
Time frame Used - four hours Gold is moving in a sideway direction in the near term. Gold is still facing resistance and selling pressure around the resistance level of 1250 to fall back to support level 1241 forming a positive candlestick pattern. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the gold will target…
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