Trending
Commodities
  • RICE
    17.49 USD -1.29%
  • BRENTOIL
    83.4 USD 1.96%
  • SOYBEAN
    15.23 USD -0.65%
  • NG
    2.54 USD 2.81%
  • WHEAT
    312.8 USD 1.03%
  • WTIOIL
    76.76 USD 1.63%
  • XAG
    22.24 USD 0.17%
  • XAU
    1874.5 USD 0.38%
  • XCU
    4.06 USD -0.06%
  • XPD
    1566 USD -1.42%
  • XPT
    977 USD -0.31%
  • ALU
    2538.81 USD -0.42%

Gold pushes on as dollar continues the selloff – will it reach $2,000?

Gold continues its weeks old trend upwards as bulls feel a strong comfort in the shiny metal.

Gold awaits new data as trading volume decreases

For the time being, gold appears to be able to ignore any negative influences, such as a little decrease in the likelihood of a recession and an uptick in stock market optimism and has amassed enough support to maintain its approach towards levels last seen in April.

The little increase in gold price from the day before continues Tuesday, picking up some momentum for the second straight day. Around the $1,925-$1,930 range, the momentum drives the XAU/USD to its strongest point since April.

Due to market vacations in numerous Asian nations, mainly China, celebrating the Lunar New Year, trading volumes in the commodity sectors were also significantly lower at the start of the week. The rest of this week will see Chinese markets closed. This week, attention is entirely on the Thursday expected US fourth-quarter GDP report. As the consequences of monetary tightening policy started to be seen by the economy, GDP is predicted to have weakened in the Q4 compared to the third.

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Tomáš is a financial reporter with US markets as his main field. He actively started in finance only recently, however has been surrounded by many analyst and reporting professiona...

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