Gold struggles to push back above $1280   


23 April 2019 : Gold’s performance in recent weeks has been bearish, thanks to a stabilizing Dollar, easing concerns over slowing global growth and rising equity markets.

While the yellow metal is likely to edge lower in the near-term, the medium to longer term outlook still points in favour of further upside. The combination of geopolitical risk factors, ongoing US-China trade developments, lingering concerns over slowing global growth, Brexit and a dovish Federal Reserve remain core themes that have the potential to boost appetite for Gold.

Much attention will be directed towards the US Q1 GDP data scheduled for release on Friday, which should provide fresh insight into the health of the largest economy in the world. Should the GDP data disappoint expectations, Gold is seen re-challenging $1280 and potentially $1300.

Focusing on the technical picture, bears still remain in control below the $1280 level. Sustained weakness below this point could open the gates towards $1260.


Source: Lukman Otunuga, FXTM Research Analyst


Reporting for EasyKobo on Tuesday , 23 April 2019 in Lagos, Nigeria


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