17 May 2019 : Disappointing economic data from the United States and China added to the negative mood yesterday, which in turn was a welcome development for safe-haven assets.

Gold bulls remain supported by trade uncertainty and concerns over slowing economic growth and this continues to be reflected in the metal’s valuation. Prices have the potential to test the psychological $1300 level again in the coming days as market caution accelerates the flight to safety.

Focusing on the technical picture, the precious metal is bullish on the daily charts. A solid weekly close above $1300 should invite a move higher towards $1310 and $1324, respectively. With the catalysts that can significantly reverse the ongoing flight-to-safety in the near term being limited, Gold bulls remain in the driver’s seat.

Source: Lukman Otunuga, FXTM Research Analyst

Reporting for EasyKobo on Friday , 17 May 2019 in Lagos, Nigeria