The Gold rally off the low seen earlier this month continues unabated, refuelled by growing concerns that the gloomy global economic outlook may last for longer.
Risk appetite has been a primary feature of the markets landscape throughout 2019 thus far. However, this speculative charge seemed to find its traction in hope – hope that trade wars were easing, central banks would raise support and growth would level out. Those hopes are wavering and so too
Gold may re-test resistance around $1,328/oz. after US - North Korea talks fail to produce a deal.
Gold is looking likely to move higher again, helped by a slightly weaker US dollar and escalating conflict between nuclear powers India and Pakistan.
While there were a number of top fundamental events on the docket this past week, the systemic themes were notably less active in the headlines.
The price of Gold picked up a safe-haven bid after the IMF warned of slowing global growth and renewed tensions between the US and China