FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
Libertex information and reviews
Libertex
91%
FxPro information and reviews
FxPro
90%

Gold explodes higher on fresh risk aversion


4 December 2019

Gold staged an incredibly rebound on Tuesday, jumping over 1% against the Dollar after U.S President Donald Trump said that a trade deal with China could be delayed until the 2020 elections.

Given how the delay will most likely result in prolonged uncertainty and tensions between the worlds two largest economies, Gold is positioned to shine through the market chaos. Appetite towards the precious metal should also receive a boost from global growth concerns, Brexit drama and renewed speculation around lower interest rates. Bulls will remain in the driving seat ahead of the ADP employment change and US jobs report scheduled for release later this week.

Focusing on the technical picture, Gold is bullish on the 4 hour timeframe with prices trading around $1480 as of writing. The upside momentum could send prices back towards the psychological $1500 level in the short to medium term. Alternatively, a breakdown below $1476.50 should encourage a decline back towards $1470.

Oil pressured by renewed trade uncertainty


Buying sentiment towards Oil was dealt a slight blow on Tuesday thanks to renewed uncertainty on the US-China trade front.

The prospects of more tensions between the two largest energy consumers in the world is bad news for Oil prices. Although expectations for deeper supply cuts from OPEC and its allies may prop prices higher gains, are poised to be capped by rising US production which hit a record high of 12.46 million in September. The outcome of this weeks OPEC meeting will certainly impact oil’s valuation for the rest of 2019. However, the primary driver influencing the commodity’s outlook will be US-China trade developments.

Focusing on the technical picture, Brent is under pressure on the daily timeframe with prices trading around $60.68 as of writing. Sustained weakness below $62 should encourage a decline towards $60. Should $60 prove to be an unreliable support, prices have the potential to slip towards $59.30.

Currency spotlight – GBPUSD


Sterling has appreciated against every single G10 currency today with prices currently flirting around 1.30 against the Dollar as of writing.

It will take a major catalyst or risk event for the GBPUSD to secure a solid daily close above the psychological 1.30 level. With the general elections less than two weeks away, the British Pound will remain a slave to the polls and market speculation.

Focusing on the technical picture, the GBPUSD has the potential to sink back towards 1.2930 in the near term if prices dip back below 1.2970.

Share:


Related

Trading the SPDR S&P 500 ETF Trust
Trading the SPDR S&P 500 ETF Trust

The Standard & Poor’s (S&P) 500 Index measures the market capitalisation of the top 500 US largest corporations. Many traders and investors use the S&P 500 Index as a benchmark...

23 Sep 2022

Gold pauses as traders await Fed decision
Gold pauses as traders await Fed decision

The anticlimactic performance of gold continues as the prospect of aggressive rate hikes by central banks around the world amid heightened inflationary pressures...

21 Sep 2022

Developing a forex trading plan: All you need to know
Developing a forex trading plan: All you need to know

All forex traders have different backgrounds, market views, risk appetite, thought processes and expectations. Therefore, traders should not just blindly follow what other traders do...

20 Sep 2022

NordFX: Forex and Cryptocurrencies Forecast for September 19-23, 2022
NordFX: Forex and Cryptocurrencies Forecast for September 19-23, 2022

The World Bank said last week that risks of a recession in 2023 are growing amid simultaneous tightening of monetary policy by the world's leading Central banks and the energy crisis in Europe...

19 Sep 2022

Gold gains traction on the back of weaker dollar
Gold gains traction on the back of weaker dollar

The precious’ recent rally from its near year-to-date lows could be attributed to the broader dollar weakness observed in the past week, even though it remains elevated near its 20-year highs...

14 Sep 2022

NordFX: Forex and Cryptocurrencies Forecast for September 12 - 16, 2022
NordFX: Forex and Cryptocurrencies Forecast for September 12 - 16, 2022

The past week was marked by two significant events. First, the EUR/USD pair updated its 20-year low on Tuesday, September 06 once again, falling to 0.9863...

12 Sep 2022


Editors' Picks

HFM information and reviews
HFM
89%
IronFX information and reviews
IronFX
88%
FXCM information and reviews
FXCM
87%
NordFX information and reviews
NordFX
85%
Vantage information and reviews
Vantage
84%
FP Markets information and reviews
FP Markets
81%

© 2006-2022 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.