Gold Opens Flat Ahead of Busy Week

Alfonso Esparza MarketPulse

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.

Author

Alfonso Esparza

MarketPulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs.

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