Gold steady ahead of key news

29 November, 2017

Gold steady ahead of key news

The gold price is trading slightly higher today as the market awaits the senate testimony later today from Jeremy Powell who is Donald Trump’s pick to be the next chairman of the US Federal Reserve.

In what may be a boost for gold, the next Fed president is expected to take a cautious approach on the question of interest rates and they may not be raised as fast or as higher as analysts predicted earlier,

"Powell’s decisions on rates are suggested to be almost indistinguishable from those of his predecessor, but I would not be surprised if in the next few months we see him taking a dovish path," saidActivTrades chief analyst Carlo Alberto de Casa .

"I don’t think he will push to raise rates too much, but will instead monitor US inflation and the job market." He added.

Golds next big test is coming towards the end of this week when the US senate convenes for a vote to adopt legislation on Donald Trump’s tax reform.

If the bill passes in its original state the gold price is expected to take a huge hit on the back of an expected rush towards the US dollar. If the measure fails to pass with the required number of votes or is changed before it passes, gold will benefit immensely and will finally break back up through the psychological $1,300 level.

"It will be keenly watched particularly the details of the cuts. There is a risk it could be slightly watered down than what was originally proposed by President Donald Trump," noted ANZ analyst Daniel Hynes.


Source link  
RBA misleads investors on AUD

The Australian dollar has dropped sharply in today's Asian trading session on the back of disappointing data and throws into question yesterday...

Brexit doubts pressure pound

The British pound has enjoyed a good run against its US counterpart ever since rumors spread that the EU and the UK were close to reaching a deal...

Gold looks to go past $1300

The gold price remains well supported today after yesterday’s stellar gains on the back of a less than convincing speech from The US Federal Reserve...


Gold remains supported

After falling sharply on Monday, the gold price has stabilized over the last 2 days and it looks as if for now, the precious metal has found strong...

US dollar hit from 2 sides

The US dollar is under pressure against the major currencies today as fears grow over the possibility of tax reform as well as disastrous results...

Australian dollar has further to fall

The Australian dollar is under further pressure today after yesterday’s spectacular plunge which seems to have put to bed any interest rate hike...


Gold technical review

The gold price has finally stabilized today after suffering 3 days of heavy losses and we may be in the process of a double bottom formation. It seems as if the news out of Spain...

Oil set to rebound

The Oil price has finally settled in today’s trading after a week of heavy losses on the back of profit taking and some say that the price may once again head higher. Following a solid month of gains...

New sanctions won't hurt gold

The gold price is stable in early Asian trading today after falling heavily yesterday after a planned missile test from North Korea failed to eventuate...

  


Share: