Gold prices edged higher on Wednesday, after the United States confirmed tariffs on China would remain intact until a ‘Phase Two’ deal is completed.

In a statement on Tuesday, US President Donald Trump said the first phase of a trade agreement will be fully enforceable, including a pledge by China to refrain from manipulating its currency. China has pledged to buy almost $80 billion of additional goods from the United States over the next two years. An unrealistic target, which many traders fear China will face serious difficulties fulfilling – heightening uncertainties around whether this phase one deal will even hold.

Further developments surrounding the much-awaited US-China ‘Phase One’ trade deal are expected to keep the markets on edge heading into the signing ceremony on Wednesday at 1130 EST.

In other precious metals, 2020′s hottest commodity – Palladium hit another all-time record high of $2,204 an ounce on Tuesday. Palladium, the Commodities star of 2019 with a stellar 55% gain, is once again leading the precious metals, with an incredible gain of over 11%, so far this year.

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

 

Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

EUR/USD under pressure below 1.1100 as US dollar rebounds

EUR/USD remains under pressure below 1.1100 amid the broad US dollar rebound. US President Trump's decision to extend lockdown to tackle the coronavirus outbreak intensified risks of a deeper economic slowdown and underpinned the haven demand for the greenback. 

EUR/USD News

GBP/USD: Rebound remains capped by 1.2400 amid firmer US dollar

GBP/USD is off the lows but the upside attempts remain capped by 1.2400 amid a broadly stronger US dollar. The dire warnings on the UK’s economic growth amid expectations of a longer lockdown weigh on the spot. 

GBP/USD News

Cryptocurrencies: Bulls try to take the reins again, XRP in front

The XRP/USD pair is best positioned to escape the bearish trap that has gripped the market in recent weeks. Ether needs to do better than BTC, as it has happened over the weekend. Market sentiment is at a negative extreme, an invitation to a short-term upward shift.

Read more

Gold remains confined in a narrow range around $1620 level

Gold extended its sideways consolidative price action and remained confined in a four-day-old trading range through the early European session on Monday. A goodish pickup in the USD demand seemed to be a key factor capping gains.

Gold News

WTI closes in on multi-year lows, trades around $20.50 on demand concerns

The barrel of West Texas Intermediate (WTI) posted losses for the sixth straight time last meek and is now looking to close the month of March more than 50% lower. 

Oil News

Forex Majors

Cryptocurrencies

Signatures