Gold: Next week's key macroeconomic events to keep an eye on

Gold: Next week’s key macroeconomic events to keep an eye on

After starting the week above $1,900, gold lost its traction and dropped to a fresh monthly low of $1,860 on Thursday as the European Central Bank’s dovish tone and the risk-off environment boosted the demand for the USD. Although XAU/USD was able to stage a technical correction on Friday, it lost more than 1% on a weekly basis and closed at $1,879. Coming up next week

All eyes next week will be on the United States presidential election on November 3rd and the market volatility is expected to heighten with the outcome having a significant impact on market sentiment.

Previewing the potential impact of the election outcome on gold, "gold heavily depends on stimulus, and the more, the merrier," said FXStreet analyst Yohay Elam. "The optimal scenario is a clean Democratic sweep, followed by a Trump victory. A split between President Trump and the Senate is the worst outcome."

The IHS […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet