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Gold Is Searching for a Trend

Olymp Trade

After trying to hit a new local minimum last week, gold was bought up from $1270/oz. For about a week, the asset has been consolidating in the $1277-1287 zone, testing the top generally. However, the departure from the current flatline and signal to trade with a new trend will either be after a jump to the $1295-1300 zone or falling to $1265-1270.

Uncertainty will continue until the market receives new information on two main points of interest: the development of the trade war between the United States and China, and the upcoming political events in the UK.

Donald Trump announced last weekend that Washington and Beijing are far from a trade deal. Then, on Monday at a press conference with Japanese President Shinzo Abe, the president said that he was “not ready to make a deal with China.” Beijing Deputy Prime Minister Liu He returned from the United States with empty hands, and the closest opportunity for negotiations on this issue is the G20 summit in June, where the heads of the two superpowers will meet.

The market’s attention will also be focused on the successor of Theresa May, who is leaving the post of Prime Minister. Her replacement’s position on Brexit and ability to unite a divided U.K. will have a significant impact on market quotes.

Olymp Trade Review

Source: https://olymptrade.com/
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