Gold Trading Bullish This Holiday Season, Soars Above $1,500 - Forex News by FX Leaders
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Gold Trading Bullish This Holiday Season, Soars Above $1,500

Posted Friday, December 27, 2019 by
Arslan Butt • 1 min read

Early on Friday, gold prices continue their bullish run above the $1,500 level amid lack of volatility in markets during holiday trading, marking the year-end rush for safe havens. At the time of writing, GOLD is trading at a little above $1,513.

Even though the US and China announced the finalizing of the phase one trade deal, boosting a risk-on sentiment in global markets, gold traders continue to be wary until concrete progress or confirmation comes along. The uncertainties about any potential delay or derailment in progress, as has happened numerous times before, continue to support gold’s safe haven appeal.

Gold is on track to mark a weekly gain of 1.9% so far this week amid thin holiday trading as traders hedge their bets and adopt a more cautious outlook for the global economy and equities in the upcoming year. While receding trade tensions are expected to support economic growth in 2020, markets remain worried about whether stock markets can continue the strong rally seen in 2019 into next year.

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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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