Gold rises against a weaker dollar

25.07.2018 / 14:52

Rating:

Gold rose higher in the early European session and is currently at the top of its daily range, above $ 1230.

After yesterday's good two-way movements, the precious metal regained a positive driving force. The prolonged weakness of the dollar is seen as one of the key factors driving the demand for dollar-denominated goods - such as gold.

This, coupled with some nervousness before the important Trump-Juncker meeting, provides additional support for the noble metal.

At the same time, the continued decline in US government bond yields has a positive impact on gold, although prospects for raising Fed interest rates may hold any significant increase.

Technical levels for watching:
The $ 1230 zone may continue to act as an immediate strong resistance, which, if broken, can afford fresh air at $ 1240-42. On the other hand, the area of $ 1222-21 appears to be the immediate substratum, which if pierced, we can see the levels of 1212-11

Source: Investing

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Gold rises against a weaker dollar

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