Gold Embraced Upside Potential amid USD Mass Selling

Gold Embraced Upside Potential amid USD Mass Selling

On Thursday European trading session, USD witnessed a retreat in full, creating space for a rebound in EUR/USD. While spot gold hovered around $1,930, WTI eased back to $42.5.To get more news about WikiFX, you can visit wikifx news official website.   The massive bond auctions dragged Treasury yields lower, and thats may be the reason for USD weakness. Early this week, DXY failed to keep the $94.00 zone, which prolonged its downtrend.   EUR/USD is extending its upside momentum and looks for chance to consolidate its 1.18 pivot key of the near term, which in turn is expected to boost the bullish momentum. Thus it will not be a surprise if it breaches the 1.19 in the short run.   GBP/USD gained some energy this Thursday, stopping its two-day decline with buyers keeping an eye on the 1.3100 barrier recovery.   Gold prices took a roller coaster rider from Tuesday to Wednesday and hovered around $1,930 on Thursday. Markets suggest that the sluggish USD may inspire bulls for gold.   Crude oil holds its initial support level at $42.30. According to the OPEC Monthly Oil Market Report, the global oil demand this year may decrease by 9.06 million barrel/day.

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