Gold Kept Correcting since last friday move

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GBP/USD howering around weekly support

Gold is trading at $1542 this week it made low at 1535 vs last week high 1611.27,however its in fading demand from the investors.Gold reacted to bond market and further it may follow the same by looking at bonds reaction.

Gold lowered on the second day of the trading week and currently placed near the ltodays day high at $1548.79.

Gold edged lower on the first day of a new trading week and is currently placed near the lower end of its daily trading range, around $1550 level. Since the last Fridays NFP data was positive gold kept correcting

Gold down by a the number of factors

The global risk sentiment remained well supported by the de-escalation of geopolitical tensions in the Middle East and was further boosted by optimism over the signing of the long-awaited phase-one trade deal between the world’s two largest economies.

This coupled with a modest US dollar uptick also played its part in driving flows away from the dollar-denominated commodity. However, a weaker tone surrounding the US Treasury bond yields, led by Friday’s weaker-than-expected December US jobs report, might extend some support to the non-yielding yellow metal and help limit deeper losses.

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