Gold Slips Lower as Officials Confirm US and China to Sign Phase One Deal in Early January - Forex News by FX Leaders
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Gold Slips Lower as Officials Confirm US and China to Sign Phase One Deal in Early January

Posted Friday, December 20, 2019 by
Arslan Butt • 1 min read

Gold is trading bearish early on Friday ahead of the release of US GDP data, amid fading safe haven appeal on the back of optimism for the phase one trade deal getting signed between the US and China soon. At the time of writing, GOLD is trading at a little above $1,478.

On Thursday, US Treasury Secretary Steven Mnuchin confirmed that both nations are likely to sign the partial trade deal sometime in early January, even as China published a list of oil and chemical imports from the US that will be exempted from tariffs. As the holiday season approaches, the mood in the markets has improved over expectations for the trade deal, sending stock markets higher and safe havens lower.

Gold prices remain supported over the news of Trump’s impeachment and some weak economic data releases from the US. On Thursday, the Philly Fed manufacturing index revealed near stagnation in factory activity in the Mid-Atlantic region. On the positive side, the recent jobless claims report came in strong as the number of applications for unemployment benefits slipped from an over two year high.

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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.
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