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Gold rises despite the intensification of the trade war

2018-09-24 12:02 pm | Resource: News | No Views : 108



China canceled planned trade talks with the United States and also canceled a scheduled visit to the United States by Deputy Prime Minister Liuhe this week as a new round of US tariffs on Chinese goods began, raising fears of a protracted trade dispute between the world. The two largest economies.

 As the trade dispute between the United States and China escalated again after the two countries applied new tariffs on their respective imports. Washington has imposed a 10 percent tax on Chinese imports worth 200 billion dollars, while Beijing has imposed US products worth 60 billion dollars at a rate of between 5 percent and 10 percent. Shortly after the reprisals took effect, the State Council issued a white paper accusing the United States of practicing "commercial bully practices".

The US Federal Reserve ended its two-day monetary policy meeting on Wednesday, as economists expect the central bank to raise rates by another quarter point. The accompanying statement is likely to attract considerable attention as well as a press conference held by Federal Reserve Chairman Jerome Powell as traders try to gauge expectations for further rate hikes.

The dollar rose on Monday to cut a two-week downtrend as investors bought the greenback ahead of the Federal Reserve's widely anticipated interest rate hike this week, while fears of trade wars showed investor appetite for risk.

The dollar has struggled as fears over a trade war fade, and central banks in Turkey's emerging markets have taken firm steps to stabilize their markets.

Al - Afoud futures trading for gold
  • Spot gold rose 0.2 percent to $ 1198.61 after falling 1.3 percent on Friday.
  • Gold futures in the US rose 0.16% to $ 1,203.40 an ounce.


Other analysis

OIL Technical analysis 13 December 2018

Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around levels of 52.66 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the…

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