XAU/USD (Gold) Reclines Around a Twenty-One Days Height Beyond $1,700

The USD falls further downwards from a twenty years height during the previous week. However, this has become a major factor initiating the move toward the USD-based commodity. The BoE’s eagerness to purchase around five billion pounds of long-dated gilts pulls the United States bond yield from its many years top and keeps burdening the USD.

Besides this, the increasing anxiety concerning a more severe economic slowdown in the United State and Europe provides more aid to the safe-haven XAU(Gold). This anxiety was bolstered by yesterday’s poor United States data. This data revealed that production growth was slow about 2-1/2 years.

Additional Details About XAU/USD Prices
Furthermore, this has significantly helped to cancel out the risk-on mood and does little to negatively affect the sentiment of the bulls concerning XAU. Having said this, the optimism for additional policy tightening by the main central banks may serve as an impedance for Gold, as well as restricts additional profits, in the meantime.

Market partakers are now expecting the United States job details, which are due to be released this Friday. Also, the well-recognized Non-Farm Payroll will play an important role in affecting the Federal Reserve’s future rate increase trajectory. Consequently, this ought to assist investors to decide the upcoming leg of the directional move for the XAU/USD.

For now, today’s (Tuesday’s) United States economic document showing JOLTS employment Opening, along with the statement of an FOMC’s member and United State bond yields, will propel the USD bid. This will as well provide a stimulus for the Gold versus the USD pair.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Lawrence Gash

• 

  ForexSQ

• 

  eToro

• 

  Tom Spiller OBE