Metal Analysis Report 6/24/19 - Gold Confirms...It's Time To Buy
Gold is back in the limelight as investors seek havens amid slowing global growth due to the fallout from the U.S.-China trade dispute and as central banks globally adopt a more dovish tone. While the Fed left its key rate unchanged on Wednesday, it dropped a reference to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year. The greenback weakened to erase its 2019 gains.
“If easier policy from the Fed contains the dollar, that’s an environment, all else equal, that is supportive of gold,” Koesterich said last week in a phone interview after the central bank’s decision. “What I’d add is if we get a situation where the Fed is easing perhaps more than people thought because trade frictions are rising, that might be a particularly strong period for gold.”
Not only has price breached the five year resistance band.
but also closed above the big fat round number of $1400. The chart suggests price moves higher to the monthly supply at $1600, with pull backs along the way.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
It would not surprise me at all to see gold test that $1600 USD level before the end of 2019.
If no trade deal, it's quite possible.
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