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Golden Bull Momentum in a Subdued Currency Market

Published on: 06/28/19 12:04 PM

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Category: Newsletter

The last week of June 2019 was a splash of yellow as FX market witnessed a strong gold rally to safe haven in a realm of sanctions, war drums in the Middle East, Brexit, and a tariffs cliff hanger. Forex Broker comparison service FXBrokerFeed brings you the latest updates, and trends in the FX Broker Market, featuring a tactical gold choice in a subdued market.

The Gold Rush

Gold held out hope for many traders during the week after breaking a six year high of $ 1,439 earlier in the week but downgraded to a psychological $1400 on Thursday. However, any breakthrough on the hyped US-China tariff thaw at the G20 meeting may curtail the rally but economic and geopolitical sentiment point to a bearish-bullish trend index in Q2. Remarks attributable to US Treasury Secretary Steve Mnuchin that US-China trade deal is 90% ready could slide the yellow metal back to the $ 1350 – $ 1400 territory if expectations come to pass.

Currency Pairs Cautious Optimism

The FX Market held collective breathe on a prospective US-China trade tariffs breakthrough with each side ratcheting a hard line stance ahead of the G20 meeting in Osaka, Japan. The Euro/dollar pair continued to experience volatility surges that have influenced cut- backs on hedging by institutional investors. US Q1 GDP confirmed at 3.1 was not impressive to uplift market mood with the Euro exchanging lower at 1.1356 against the dollar. The Yen also experienced a free fall to loose safe haven status, and exchanging lower against the dollar at $ 107.90 from an earlier bullish high at $ 108.10. The downtrend was in response to the FED holding line on rate cuts, and prospects of a positive tariffs outcome.

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