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There still is no driver for gold

Olymp Trade

Gold broke through the local downward trend line, but not significantly enough to change the global trend. The current price channel has been expanded by $ 5 and is now in the range of $ 1280-1295. Conceptually, nothing has changed in a week. Consolidation continues.

A break out and further growth will not occur if a fundamental driver does not appear on the markets. Gold is known to be one of the safe-haven assets where traders start investing at times of crisis.
However, neither political risks nor macroeconomic data provide the same effect. Events around Brexit last week: the failure of a vote in parliament, a vote of no confidence and vague actions of the May government in general on this issue did not cause panic.
This week, on Monday, the IMF published a report, Prospects for the Development of the World Economy. The International Monetary Fund lowered forecasts for global growth to 3.5% (in 2019) and 3.6% (in 2020). This is 0.2% and 0.1% lower than the October report. This data also did not trigger growth of gold!
What will force traders to act? Most likely, it will be one of the turns on the political scene in the United States. Government shutdown continues, the budget has not been agreed, the situation with a possible exit from NATO is not clear. The main risk factor can be identified as one point, and this point will be Donald Trump.

Olymp Trade Review

Source: https://olymptrade.com/
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