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Gold Eases As US Dollar Regains Strength -

May, 09th 08:45


Gold had jumped one per cent after US non-farm payrolls data for April came in weaker than expected, boosting expectations the Federal Reserve will delay further interest rate increases. However, the gold prices pared gains later in the session as the US dollar regained strength after New York Fed President William Dudley said that two rate hikes in 2016 remain a “reasonable expectation”. On the hourly chart, gold is currently traded at 1279.34. ADX of 45.44, along with DI- staying above DI+, proves the downtrend to be overwhelming and further declines can be expected.

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