Gold is flat at the start to the Asian session; the rebound of the dollar is keeping the yellow metal under pressure until geopolitical risk events trigger a rise in demand. Brexit is high on the agenda, as Prime Minister May came back to the UK with an extension on hand but might need more to get Eurosceptic MPs to her side.
May’s tenure as Prime Minister could be short lived, but even potential candidates to replace her backed her as a change of leadership at this point in time could be disastrous as the Brexit countdown was expanded but marches on with a lot of work still on the table in order to rule out a no-deal exit.
Gold is set to make another run for the $1,350 price level that has proved resilient. Volatility fuelled by uncertainty and with plenty of Fed speakers expected to reinforce the dovish rhetoric from the central bank the US dollar will be limited on the upside.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019