Gold awaits next Fed chair

3 November, 2017

Gold awaits next Fed chair

The gold price is heading for a 2nd day of gains as the market awaits US president Donald Trump’s choice for the next candidate to run the US Federal Reserve.

Although the market is pretty certain on who Trump will pick, the expected behavior of Mr Powel remains uncertain and especially with regards to interest rate hikes and this has benefited gold

"A lot of the focus is on the Fed chair, and Trump's expected nomination of Jerome Powell," said OCBC analyst Barnabas Gan.

"The current movement in prices is not really about him Powell being hawkish or dovish, but more so about market uncertainty about what his nomination would mean."

From a technical point of view, the formation of a double bottom still looks in tact but it may take some time for gold to break out of its current tight trading range so we made need a strong break above the top resistance line around $1,280 before taking any long positions


Source link  
Pound may surge on 2nd referendum

The British pound may soon hit $1.40 as expectations grow that a 2nd referendum will be held on whether Britain will remain in the European Union with the chances...

Gold may be a good bet in the new year

The gold price jumped to a 3-week high in early trading today, taking its gains to over $40 in less than 2 weeks and with the market expected to remain...

Tax reform not to benefit US dollar

The US dollar has remained under pressure in the last 3 trading sessions which is strange inlight of Donald Trumps tax plan which is certain...


Tough times ahead for pound

The British pound is trading higher today after as the EU and the UK move onto the 2nd round of talks surrounding Brexit which promises...

Gold awaits US employment data

The gold price is under further pressure today after being hammered over the last week and as we mentioned yesterday, any sustained break down...

Gold ready for breakout to the upside

The gold price has certainly behaved strangely this week, failing to react to news which would usually send the precious metal considerably higher...


Pound set to rally

The British pound continues to rise today against its US counterpart after rumors surfaced yesterday that the UK has reached a settlement to leave the European union...

Gold awaits news on tax reform

The gold price is making another run for the $1,300 mark in today’s trading session on the back of US dollar weakness and as the market...

Gold takes a breather, comeback predicted

The gold price has drifted slightly lower for the 2nd day in a row on the back of profit taking as the US as the US celebrates thanks giving...

  


Share: