The price of gold climbed on Monday, rebounding from its worst session in three weeks on Friday.
Price action In other markets, U.S. equities looked set for a higher open on Monday after tumbling on Friday following the release of stronger-than-expected jobs data. Analysts are looking ahead to the release of the consumer price index data for May. S&P 500 futures rose 1% while Dow futures were up 0.4% or 140 points.Price action In other markets, U.S. equities looked set for a higher open on Monday after tumbling on Friday following the release of stronger-than-expected jobs data.
What analysts are saying Naeem Aslam, chief market analyst at AvaTrade, said that gold continues to be driven by the U.S. dollar. An index of the dollar’s strength DXY against a basket of its main rivals showed the greenback slightly weaker on Monday morning. “When it comes to the gold price, traders are focused on the strength or the weakness of the dollar index, which is very much dependent on two elements. Firstly, the US economic numbers, and secondly, the Fed’s monetary policy stance. Although Friday’s number was better than expected, but it wasn’t exactly thriving,” Aslam said.
Aslam added that “the most important price level for the gold price this week is its resistance which is at 1,900.”
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