Gold Trades Flat As Risk Sentiment Spikes

The US Greenback lost ground to common currency as the later hit 2 weeks high over recent hawkish stance from ECB. Moving forward investors are waiting for meetings of key central banks and the U.S.-North Korea summit all due next week. While gold has been trading in a tight range and yellow metal taking dovish dive every other day traders are cautious in investing in gold but analysts believe gold could see some solid uptrend movement across June 2018 while there may not be a substantial spike in growth momentum.

Gold Recovers

The market in recent days have been highly influenced by geopolitical events and days moving forward are ripe with schedule of major key events such as G7 summit beginning in Quebec, Canada tomorrow and US-North Korean summit in Singapore next week and also central bank policy meets in Europe and US which are expected to provide huge volatility across the week in both Yellow metal and US Greenback’s favor. As of writing this article the XAUUSD pair is trading around $1299.12 and is expected to remain within $1305 and $1295 during today’s market hours.

Silver continues to remain within $16 price band however it broke its range bound performance from last two week and moved up into $16.73 price range. XAGUSD pair seems to have consolidated above $16.68. The silver market has become so quiet that you can hear a pin drop, a most unusual situation in this normally rather volatile metal. Crude Oil has been trading for the majority of Asian session and early European session in a range bound loop $64.80 to $65.79. This range-bound price movement comes after the news of Iran registering highest Oil export data post signing a nuclear agreement in 2015. While US sanctions may weight upon crude oil trade in Iran and Venezuela in later half of the year, high sales record has capped Crude Oil bull’s momentum. US Crude Stockpile data released yesterday was dovish as well however this news has had less impact on WTIUSD pair so far. Moving forward investors focus on OPEC summit to be held later this year for further updates before placing huge bets.