Gold prices lost ahead of G20 summit, looking for direction.   

27 June 2019: Gold prices struggled for direction on Thursday morning as Washington dished out mixed signals over the direction of trade talks with China ahead of the G20 summit.

Appetite towards the precious metal was dealt a blow earlier in the week after Fed officials toned down expectations over the Fed cutting interest rates next month. Although a stabilizing Dollar is also adding to the factors weighing on Gold, the precious metal remains resilient and well supported by core themes. For as long as concerns over slowing global growth, US interest rate cut expectations and trade tensions remain on investors’ radar, Gold is shielded from downside shocks.

In regards to the technical picture, the precious metal is bullish on the daily charts. Gold seems to be in the process of a technical correction towards $1390 which may become the new higher low. Should this point prove to be reliable support, Gold has the potential to rebound towards $1424.

Reporting for EasyKobo on Thursday , 27 June 2019 in Lagos, Nigeria

Source: Lukman Otunuga, FXTM Research Analyst

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