Stephen Innes
SPI Asset Management
Gold is still in no man's land after giving back most of last week's gains post-US payrolls. Activity is still reasonably slow ahead of FOMC but could also be a function of year-end trading malaise.
Gold topside so far remains limited in this current environment as momentum remains for higher bond yields going into year-end. The global reflation trade continues to resonate – that's, of course, if we can clear Brexit and US-China risk
With the FOMC statement likely to toe a steady policy line, ultimately, much of the short-term momentum will depend on trade talk sincerity, and if a phase one deal is signed, sealed and delivered. As such, gold is likely to stay on the defensive near term.
SPI Asset Management provides forex, commodities, and global indices analysis, in a timely and accurate fashion on major economic trends, technical analysis, and worldwide events that impact different asset classes and investors.
Our publications are for general information purposes only. It is not investment advice or a solicitation to buy or sell securities.
Opinions are the authors — not necessarily SPI Asset Management its officers or directors. Leveraged trading is high risk and not suitable for all. Losses can exceed investments.
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