29 August 2018 :Gold prices edged to a fresh two week high on Tuesday thanks mostly to a depreciating US Dollar.

The fact that the yellow metal continues to appreciate despite global risk sentiment boosted by the US-Mexico trade breakthrough just further highlights how Gold remains heavily influenced by the Dollar. With the Greenback likely to experience further weakness following Powell’s dovish speech at the Jackson Hole Symposium, Gold has scope to appreciate further.

Technical traders will continue to closely observe how prices behave above the $1200 psychological level. Repeated Dollar weakness could send prices towards $1216 and $1230, respectively. For bears to jump back into the game, prices need to break back below the $1200 level.

Source: Lukman Otunuga, Research Analyst at FXTM

Reporting for EasyKobo on Wednesday ,29 August 2018 in Lagos, Nigeria