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Gold is Waiting for New Signals

Olymp Trade

Gold is consolidating near the level of $1480 per ounce. Throughout the current trading week, the asset has been weakly volatile and moving in the $1470-1480 price channel. Apparently, similar price dynamics will continue until the end of the year.

The market expects new fundamental drivers as a truce has ensued in the trade war between the United States and China.

Voting by the U.S. House of Representatives for the impeachment of Donald Trump, locally supported the price of gold, but did not bring a tangible driver to the market. This is logical, given that impeachment is likely to fail as Republicans have a majority in the Senate.

The next Brexit stage is planned for the end of January 2020.

Also the Fed may pause with a reduction in rates in 2020.

It’s worth bearing in mind that intraday volatility in the conditions of pre-holiday trading may appear on the market, therefore it is recommended to refrain from active speculation during this period.

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Source: https://olymptrade.com/
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