Gold drops to immediate support-line as traders prefer USD on NFP day | Metals Mine

  • Gold drops to immediate support-line as traders prefer USD on NFP day

    From fxstreet.com

    With the market sentiment in favor of the US Dollar (USD), gold prices tick down to short-term support-line near $1333 ahead of the European open on Friday. The reason could be the latest upbeat comments from the New York Fed President John Williams ahead of the key employment data for May month. Despite expectations suggesting the headline nonfarm payrolls (NFP) figures to be a bit down to 185K from 263K prior, traders kept supported the greenback. In case of politics, the White House talks to avoid Mexican tariffs failed while the US President Donald Trump kept tweeting in favor of the Fed’s rate cut while ... (full story)

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EventsTrader
Jun 7, 2019 12:37am
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The gold drop has absolutely nothing to do with traders preference leading up to NFP. Disregard this headline.
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traders prefer USD on NFP day
Here's the facts. Gold dropped earlier on some news about tariff delays. Even though the White House backtracked, the market is now less sure that tariffs are a done deal. Hence, gold moved a little lower. As gold and USD have an inverse relationship, the dollar moved a little higher as gold came down. Not much more to it.

As a trader on NFP day, the USD is not what I'm trying to get into.
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GoldGrilz
Jun 7, 2019 12:47am
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Quoting EventsTrader
The gold drop has absolutely nothing to do with traders preference leading up to NFP. Disregard this headline. {quote}
Whyd you do him like that!

Quoting EventsTrader
Here's the facts. Gold dropped earlier on some news about tariff delays. Even though the White House backtracked, the market is now less sure that tariffs are a done deal. Hence, gold moved a little lower. As gold and USD have an inverse relationship, the dollar moved a little higher as gold came down. Not much more to it....
Okkaaayy icu
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