Geopolitics remain gold-supportive, all eyes turn to impeachment developments: MKS PAMP Group
Traders continue to buy the dips in gold prices as geopolitical events remain supportive of higher gold, according to MKS PAM Group. “Geopolitical developments are still supportive to the precious, however it looks as though fast money over-extended the recent rally. The move lower has seen participants take advantage of the lower entry point as the metal still holds the uptrend, while ETF’s continue to see inflows,” MKS says. The $1,500 level is acting as solid support, with the next downside support sitting at around $1,485. The focus on Thursday shifts to impeachment developments and U.S. data, MKS adds.
By Anna Golubova of Kitco News; email@example.com
Fed's Evans speech pressures gold prices - TD Securities
Thursday September 26, 2019 09:36
Gold prices feel the downward pressure following a hawkish speech from a usually dovish voting member Chicago Fed President Charles Evans on Wednesday. “Gold prices fell sharply after the Fed's Evans doubled down on his hawkish remarks, which highlighted that he has not penciled in another rate cut for this year,” strategists at TD Securities write. Despite Evans’ message, TD Securities is still pricing in a rate cut in October. “We still think the Fed needs to provide additional liquidity to the market, by potentially announcing asset purchases and cutting rates,” the bank’s strategists add.