Forex Brokers Award 2020
Vote your favourite broker
Trade 100 Bonus - the best offer on Forex market

Gold starts the week with decline

Jul 2 2018, 01:48 PM (+06) |

For the gold, new trading week starts with a moderate decline of 0.23% on the background of USD dollar straight, which gained about 0.27% since the beginning of trading. The tight correlation of the dollar and gold remains the main driving force in the gold market. Due to the strengthening of dollar in recent months, precious metal has lost a lot in price.

Last week, on Friday, gold managed to get rid of some pressure and move to a slight correction, but still the instrument closed the third consecutive week with a very negative result, updating the six months lows. What is the most interesting part is that the precious metal continues to ignore geopolitical risks, as well as changes in equity appetite for risk.

The price of precious metals will remain in close dependence on USD dollar straight and American bonds yields. Moreover, in the second half of the week we waiting for a number of important economic events from the United States, such as FOMC protocols and employment data, which have a strong effect on the volatility of the market.

On Monday, among the most important statistic is US PMI in manufacturing sector.

Tuesday and Wednesday no data is expected to influence the market amid the celebration of Independence Day. On Tuesday, US markets will close early, and on Wednesday the trading will not be held at all. This factor can strongly affect the dynamics of trading on most trading instruments, as liquidity and volatility will likely remain low due to the absence of many large players from the United States.

On Thursday, we expect growth in volatility and liquidity in the market, because, firstly, US traders return to the market, secondly, we wait for important events such as the publication of the report from ADP on employment, PMI of the US non-manufacturing sector and FOMC June minutes.

Fort Financial Services - a licensed international Forex broker. A wide range of trading opportunities: more than 500 tradable contracts, Fort, Flex, Pro and Newbie accounts, direct access to world exchanges, diverse trading platforms: MetaTrader4, CQG Trader, Ninja Trader, Binary Options, partnership programs, free analytics and much more.