Gold Extends Downward Rally On the back of Strengthening Dollar
Gold futures edged lower on Tuesday, heading lower in four of the past five trading sessions. The precious metal dropped to the lowest level since mid-March as the U.S. dollar strengthened.
Gold prices for June delivery lost 0.75 percent to trade below $1,220.90 an ounce troy. The dollar became stronger against most of its peers. The ICE U.S. Dollar Index added nearly 0.4 percent. The greenback was boosted further after data from the Bureau of Labor Statistics showed monthly jobs openings in March beat expectations.
According to the report released on Tuesday, the number of openings was at 5.74 million. Analysts had expected the figure to reached 5.67 million. A stronger dollar causes commodities priced in the currency like gold less affordable for buyers using other currencies.
Sell Stop at 1217.00, Take profit 1.211.00, Stop loss at 1220.00