FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%

Gold headed for $1600


27 August 2019

The gold price remains steady today after turning back from what was beginning to look like a solid rally yesterday after words by US President Donald Trump once again raised the prospects that a deal between the US and China on a trade deal could be achieved.

Trump noted that China “very badly” wants to resolve trade negotiations and the French and U.S. leaders made optimistic remarks about developments with the Asian nation. One of China’s most important negotiators, Liu He earlier called for dialogue, which also showed that the Chinese side is keen to avoid the fallout from the effects of a failed trade deal.

This uncertainty is also going to put pressure on the US Federal reserve to cut interest rates as this uncertainty between the world’s 2 superpowers has taken its toll on the US economy and now some are starting to predict there may be more rate cuts than first thought which will be another boost for gold.

“The price action in gold last night was pretty indicative of just the renewed fear, the renewed macro fear and the renewed uncertainty in the market,” said Nicky Shiels, an analyst at Bank of Nova Scotia,

“With more tariffs than any time before currently in place or being put in place, we would expect some sort of Fed easing in response to that, or accelerative Fed easing, should continue to support gold’s case.”

Analysts from UBS, one of the world’s leading banks are keeping their long positions in gold which the started back in May and project the yellow metal to hit $1,600 within six months and then climb to $1,650 in under 12 months.

The trade war between the U.S. and China has escalated to a new level," noted Giovanni Staunovo and Wayne Gordon from UBS

"Gold has demonstrated its safe-haven qualities and we stay long the metal, a trade we initiated in mid-May." They added.


Related

Oil Is About to Update Its Highs
Oil Is About to Update Its Highs

The key support factor is market expectations of a stable demand for energies in the future. In particular, it’s the report from the International Energy Agency, which...

28 Sep 2021

Forex and Cryptocurrency Forecast for September 27-October 01, 2021
Forex and Cryptocurrency Forecast for September 27-October 01, 2021

The Fed did not make any changes to its monetary policy at its meeting on September 21-22. However, the regulator made it clear in its commentary that...

27 Sep 2021

Stock Futures Soft Ahead Of Powell’s Speech
Stock Futures Soft Ahead Of Powell’s Speech

Futures in the United States and Europe are trading mildly lower today. Stock traders welcoming the view that a near-term withdrawal of quantitative easing reflects...

24 Sep 2021

Stock Futures Up Ahead Of Fed Meeting
Stock Futures Up Ahead Of Fed Meeting

Futures in the United States and Europe are trading higher today, as investors focus on China’s Evergrande whirlwind, which has even overshadowed the Federal...

22 Sep 2021

Gold's sudden glow in a falling market
Gold's sudden glow in a falling market

Gold's ability to resist the general downtrend speaks to investor confidence that global central bank policies will remain soft enough to avoid triggering a global downward asset sell-off spiral...

21 Sep 2021

Forex and Cryptocurrency Forecast for September 20-24, 2021
Forex and Cryptocurrency Forecast for September 20-24, 2021

The dollar continues to strengthen, and the EUR/USD pair moves south. Starting on Monday September 13 at 1.1810, it ends the five-day run at 1.1730. The movement...

20 Sep 2021


Editors' Picks

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.