Gold prices fell slightly on Wednesday, as the reliable US dollar weighed on the market, but concerns over political turmoil in Italy and China-US. Trade conflict limits losses.
The XAUUSD pair moved the range close to the $ 1,300 price range, with the pair trying to break through and stay above $ 1,300 a few times during the session on Wednesday, but the pair continues to fall due to lack of momentum. The yellow metal continues to lose ground in the market, despite the fact that investors prefer to move to safe harbors, as a surge in US strength and higher yields from US Treasuries forced traders and investors to abandon Gold.
Some analysts believe that “The momentum of gold in the opposite direction is limited, given the many geographic risks on the table.” If the political uncertainty surrounding Italy, and the threat of sanctions on the import of Chinese goods, continue to go further. Analysts predict the possibility of a significant increase in the gold rates.
Silver continues to move in the range located within the price range of $ 16. A look at the hourly chart and 20 days of SMA shows signs of a downtrend movement hiding in the price action in the near future. Intraday prejudice and investor opinion continue to be optimistic if the pair XAGUSD remains above the $ 16 price range. It is expected that the pair will move from $ 16.05 to $ 16.85 during this week based on how the macro-data and geopolitical events are obtained.
Oil prices were mixed at the beginning of Asian trade on Wednesday, fearing that Saudi Arabia and Russia will pump more cheese weighed on the market. But only a few analysts predict that the chances of an increase in production in June 2018 are unlikely to be possible, as the cartel and its allies will observe the geopolitical developments that may affect wider global growth.
If OPEC, however, sees that Brent Crude persistently rises to $ 80 per barrel, the cartel may take some measures to bring more energy. Currently, WTIUSD is trading around $ 66 price range and is expected to move between $ 65 and $ 68 during today’s trading session.