XAU Headed downhill right from opening the door
Updated
After 5 consecutive weeks of strong increases, world gold has just experienced a week of decline of 2.3% in value. According to forecasters, the gold market may witness many fluctuations this week when the US Federal Reserve (FED) is expected to reiterate its stance that it is not ready to lower interest rates before the summer.
Bannockburn Global Forex CEO Marc Chandler is one of those who believes that this week's gold price will move in a positive direction. Mr. Chandler said that gold prices could test the level of 2,370 USD/ounce in the coming days. The data that impacts the direction of gold this week will be the employment data report. He said that a disappointing jobs report could cause the dollar and yields to fall, while lifting gold prices.
Sharing the same opinion, Chairman Adrian Day of Adrian Day Asset Management also forecast an optimistic picture for the yellow metal this week. Mr. Day said that although world gold demand has slowed down, it is still increasing and that is a positive sign for this precious metal.
Bannockburn Global Forex CEO Marc Chandler is one of those who believes that this week's gold price will move in a positive direction. Mr. Chandler said that gold prices could test the level of 2,370 USD/ounce in the coming days. The data that impacts the direction of gold this week will be the employment data report. He said that a disappointing jobs report could cause the dollar and yields to fall, while lifting gold prices.
Sharing the same opinion, Chairman Adrian Day of Adrian Day Asset Management also forecast an optimistic picture for the yellow metal this week. Mr. Day said that although world gold demand has slowed down, it is still increasing and that is a positive sign for this precious metal.
Note
SELL XAU 2333 - 2331TP1: 2323
TP2: 2313
SL: 2342
Note
running + 30 pips
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