Gold up awaiting presidential debate

27 September, 2016

Gold up awaiting presidential debate

The gold price continued to rally today, racking up its 6th straight day of gains ahead of tonight’s first presidential debate between Hillary Clinton and Donald Trump who at the moment are neck and neck in the polls.

At 6.06pm (GMT) the Gold was trading at $1,340 up from $1,338 in yesterday’s trade.

After coming under pressure earlier in the session, the precious metal rebounded as expectations grew that Trump could muster up a strong performance in the debate, which would increase his chances of becoming president in 6 weeks’ time.

These expectations are likely to underpin gold and even keep the rally going in the foreseeable future

"If Trump is perceived to have an improved probability of winning the presidential race, that is likely to be supportive of the gold prices, so we could see gold prices rallying in the short term amid higher volatility," said National Australia Bank analyst Vyanne Lai.

A speech later this week by US Federal Reserve president Janet Yellen is also likely to cause volatility in the gold price as the question of an interest rate hike resurfaces.

Yellen has been one of the few Fed board members who have refrained from committing to a rate hike this year and if she takes the same stance a movement in rates is not likely until next year and the gold price is bound to jump higher. 


Source link  
Gold headed for critical time

In the last 2 weeks the gold price has broken through 2 significant resistance points and is now heading for perhaps its most important test, the peak reached...

Gold is expected to resume its rally

Gold is on track today to rack up its second straight day of gains which ends a disastrous 2 weeks where the precious metal tumbled over $50...

Gold just received a huge boost

After falling heavily for the last 2 weeks it appears gold may have found a temporary bottom and some news released from the US earlier today may be...


Gold due for pullback

The gold price has stabilized today after suffering 2 straight days of losses as the markets await a key Federal Reserve meeting in which the central bank is going to lay out its monetary...

Gold technical analysis

The gold price is powering ahead today, racking up its fourth straight day of gains as political tensions boil over between the US and North Korea with the later threatening to strike the US...

More loses expected for pound

The British pound continued its downtrend today before recovering slightly...


Analysts divided over Aussie dollar

The Australian dollar is holding steady today with analysts deeply divided over the direction of the currency as the year unfolds. At 8.31pm (GMT) the Aussie dollar was trading at US76.81c virtually unchanged from yesterday’s trading...

Analysts divided over oil price

The gold price remained under pressure today continuing its downward spiral as investors await Wednesday’s interest rate decision and monetary statement from the US Federal Reserve...

Oil down on doubts over deal

The oil price is down over 3 percent today as OPEC's members struggled to agree on a deal to cut production in order to boost the price...

  


Share: