Gold rose back above $1,500 an ounce on Tuesday, rebounding from the previous day's sharp sell-off as investors switched focus to the minutes of the U.S. Federal Reserve's latest meeting, which will be closely watched for clues on further interest rate cuts.

The fundamental backdrop for gold remains very supportive, with the ongoing trade dispute between the United States and China and a potential interest rate cut from the Fed.

Among other precious metals, silver rose above the key $17 level, gaining nearly 1.7% to $17.13 per ounce.

Where are commodity prices heading next?  Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:

 

 

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EUR/USD clings to 3.5-week’s high, trades above 1.1000 figure

The pair is challenging the 1.1047 resistance. EUR/USD bull recovery from 34-month lows remains intact. Further coronavirus headlines are awaited.

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GBP/USD is trading above 1.2800 after hitting a new 2020, nearing the 1.2700 figure, as concerns about a no-trade-deal Brexit are weighing on the pound. Modest recovery seen in USD during the American session keeps the bearish pressure intact.

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XAU/USD tumbles near two-week’s lows, sub-$1600/oz

Gold has been dropping sharply this Friday while reaching the 200 SMA on the four-hour chart. XAU/USD bulls gave up as sellers took the market down sharply. The bears seem to be in charge and more down could potentially be expected. 

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WTI remains under pressure around $45.00

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

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FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

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