24 April 2019

Zimbabwe: Gold Heads Lower

After recording its lowest weekly close of the year last Friday at $1 275, the XAU/USD pair stayed relatively quiet on Monday amid the Easter holiday and is posting modest losses today as sellers remain in control.

As of writing, the pair is trading at $1 272,87, losing a little more than $2 on the day and stays dangerously close to the 2019-low that was set at $1271 last week.

Although the escalating geopolitical tension following the US decision to ending exemptions to Iran sanctions seems to be hurting the risk appetite, major European equity indexes trade mixed, pointing out to neutral sentiment that makes it difficult for the precious metal to capitalize on risk-off flows.

Meanwhile, the S&P 500 Futures is down 0,1 percent ahead of the Wall Street opening bell, suggesting that the US stocks could open modestly lower.

On the other hand, ahead of today's mid-tier macroeconomic data releases from the US, the US dollar Index is edging higher in the session, keeping the bearish pressure on the pair intact. At the moment, the DXY is up 0,06 percent on a daily basis at 97,35.

Later in the day, new home sales, the Housing Price Index, and the Richmond Fed's Manufacturing Index will be looked upon for fresh impetus. -- fxstreet.com


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