Gold review on 8 of May 2017
Gold prices are at lows within last seven weeks, recent NFP data showed that unemployment rate is the smallest since 2001.
Significant drop in the metal price was caused by rising doubts that USA and China will keep high demand on this commodity.
Chinese government cuts its simulative program. China is huge manufacturer, and this explains the fact that it consumes almost 50% of world’s demand on copper, nickel, gold, silver, and other metals.
From the technical point of view, gold seems to be on its bottom, but are we to open high position? Will it be the end of 3-weeks rally?
Sure, political instability in France, and high chances of the Fed rate hike in June, will drag traders attention to “safe-haven”, but doubtfully that for long.
Significant drop in the metal price was caused by rising doubts that USA and China will keep high demand on this commodity.
Chinese government cuts its simulative program. China is huge manufacturer, and this explains the fact that it consumes almost 50% of world’s demand on copper, nickel, gold, silver, and other metals.
From the technical point of view, gold seems to be on its bottom, but are we to open high position? Will it be the end of 3-weeks rally?
Sure, political instability in France, and high chances of the Fed rate hike in June, will drag traders attention to “safe-haven”, but doubtfully that for long.
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