Gold needs a move past $1,530 to renew its rally - MKS PAMP Group
For gold to continue its move higher after last week’s losses, the metal needs to break past the resistance level of $1,530, says MKS PAMP Group. “Top-side resistance toward USD $1,530 with extension to the previous pivot of USD $1,535 will be the key for a further leg higher as participants eye trade headlines during the FOMC black-out period heading into next weeks meeting,” MKS writes. Important data from Monday includes German trade numbers and the U.K. manufacturing/industrial production prints, according to MKS.
By Anna Golubova of Kitco News; email@example.com
Investors are waiting for the ECB and the Fed to make a move - FXTM
Monday September 09, 2019 09:07
This week is all about anticipating what the European Central Bank (ECB) will do this week and what the Federal Reserve (Fed) will do next week, according to FXTM. “This week’s key event is the European Central Bank rate decision on Thursday. Investors across the world are widely anticipating a new stimulus package from the central bank. Markets are expecting at least a 0.1% cut in deposit rate and a renewed QE program,” writes FXTM chief market strategist Hussein Sayed. A monthly bond purchase program of less than 30 billion euros will disappoint markets. “Draghi is facing very challenging times given the opposition from some members, which is likely to make this meeting the most interesting one in several years,” adds Sayed. The Fed will announce its latest rate decision a week later after the ECB. “Attention now should be turned to consumer spending which has been the brightest spot in the economy. If U.S. consumers show any signs of closing their wallets amid the ongoing trade dispute, expect the Federal Reserve to move aggressively in easing monetary policy,” says Sayed.