Gold positions itself as the prime destination of safety amidst the US-China power struggle   


06 August 2019 : Gold is positioned to remain one of the prime destinations of safety this week as the horrible combination of US-China trade disputes and global growth concerns boost appetite for safe-haven assets.


Fears over intensifying trade tensions destabilizing global growth and stability have already elevated the precious metal to a fresh 6-year high above $1473 this morning. Although prices are slipping back towards $1460 as of writing, the precious metal remains technical and fundamentally bullish. For as long as risk appetite is dented by global growth fears, trade drama and Brexit uncertainty among many other geopolitical risk factors, Gold bulls will remain in the driving seat.

In regards to the technical picture, the solid daily close above $1460 may open the doors towards $1485 and $1500, respectively.


Source: Lukman Otunuga, Senior Research Analyst at FXTM.


Reporting for EasyKobo on Tuesday , 06 August 2019 in Lagos, Nigeria


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