Gold Price Strengthens towards the $1,320 Support level

On Friday, an uptrend in Gold prices was seen higher than its $1,300-support level versus the U.S. Dollar.

Hqbroker- Gold, stating an increase in gold support level

On the Comex division of the New York Mercantile Exchange, trading of the gold futures slipped at $1307.85

This week, the U.S. Dollar strengthened due to an on-going pressure after the Federal Reserve announced a confident steady interest rate policy in 2019.

On the flip side, an increase in dollar is making gold prices more expensive while non-yielding bullion pushes up the cost carrying charge of investors.

So far, gold is making progress on its third straight week track.

In a report, the head of dealing at Wing Fung Precious Metals stated, “Technically, gold is getting good support at the $1,300 price level and fundamentally, the Fed not raising rates this year is a strong signal for gold.”

Progressions associated with the Brexit and Sino-U.S. trade war are being watched carefully by traders.

The postponement of the Brexit date until May 22 was declared on Thursday but if Lawmakers are not persuaded by U.K. Prime Minister Theresa May to support her withdrawal deal, it will be shortened up to April 12 only.

Hqbroker- Brexit, showing the agreement between 2 countries

May stated in a conference held at around midnight, “What the decision today underlines is the importance of the House of Commons passing a Brexit deal next week so that we can bring an end to the uncertainty and leave in a smooth and orderly manner.”

She also added, “Tomorrow morning, I will be returning to the U.K. and working hard to build support for getting the deal through.”

In a report, a new round of trading talks is about to happen in Beijing next week as stated by the U.S and Chinese spokespersons.

The target date of the deal by the US and China will be originating by the end of April.

Prior this week, hesitations arise for the trade deal. It was when US President Donald Trump said, “He’ll keep tariffs on China “for a substantial period of time.”

On Wednesday, an interview with the US President was held at the White House. Trump stated, “We’re not talking about removing them, we’re talking about leaving them for a substantial period, because we have to make sure that if we do the deal with China that China lives by the deal. They’ve had a lot of problems living by certain deals.”

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Categories: Commodities

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