Gold Trading Cautiously After Boris Johnson’s Victory, Markets Await ECB Meeting Next - Forex News by FX Leaders
Gold - XAU/USD

Gold Trading Cautiously After Boris Johnson’s Victory, Markets Await ECB Meeting Next

Posted Wednesday, July 24, 2019 by
Arslan Butt • 1 min read

A stronger dollar is pushing GOLD prices lower on Wednesday even as markets lie in wait for next week’s Fed meeting to see if the US central bank will cut interest rates. During the previous day, gold touched a five-week high after the US government agreed to raise its debt ceiling.

However, gold prices continue to remain supported over ongoing trade tensions around the world. Boris Johnson’s victory and its potential implications for Brexit and the UK economy are also lending support to gold. At the time of writing, gold is trading a little above $1,420.

It’s going to be a volatile few days for gold over the upcoming meeting of the Federal Reserve on July 30-31 when the Fed is widely expected to cut interest rates amid weak economic data and low inflation in the US. Markets also remain tense about Boris Johnson’s interest in pulling Britain out of the EU without a deal.

Gold will also trade cautiously ahead of Thursday’s ECB meeting, as markets look towards the central bank’s forward guidance for clues on upcoming monetary policy decisions in the Eurozone.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments