Gold Gains Upper Hand As Dollar Loses Momentum
Gold price mirrors US dollar’s movement in general, the yellow metal erased early gains on Friday to end lower, but still notched up a weekly gain on its recent bullish rally. The precious metal edged down as the dollar came off the lowest levels of the day. Since trading session opened for the day US dollar has been on range bound momentum against major global currencies due to light macro calendar and lack of triggers. Gold is currently trading at $1320.40 and reached $1322.32 up 0.31% over Friday’s closing price. The pair is expected to move in a range of $1317.17 to $1323.77 during today’s session.
Similarly Silver is currently at $16.750 up 0.41% well above Friday’s closing price, however both Silver and metal are trading within 10-day average price range. Investors are currently on look out for US retail data to be released on Tuesday and Industrial Productions data on Wednesday to gauge Dollar’s momentum before making any major moves relating to metals. Silver price is expected to move in a range of $16.665 to $16.765 during today’s session.
Crude oil (WTI/USD) closed around $70.52 in US session on Friday, slips by almost 1.25% on the concern of higher US productions, a warning by Iran to pull out of the OPEC deal amid Trump tantrum and the future of OPEC deal as a fall out of Iran sanctions. Since trading session opened for the day Crude Oil price has been moving in a range of $70.25 to $70.60. Analysts are of opinion that Oil price has consolidated above $70 bpd in short term. But this consolidation is under pressure over comments made by Iran’s oil minister, this may also point to further difficulties in maintaining the current OPEC deal to curtail output. Crude oil is expected to go as high as $75 based on Iran and US issue’s proceedings this week.