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23 Oct 2019

Gold climbs higher toward $1,500 on risk-aversion

  • Brexit uncertainty causes market mood to turn sour on Wednesday.
  • US Dollar Index stays directionless above the 97.50 mark.
  • 10-year US Treasury bond yield falls for the second straight day.

The XAU/USD pair gained traction on Wednesday and rose toward the upper-limit of its two-week-old range near the critical $1,500 handle supported by risk-off flows. As of writing, the pair was up 0.45% on the day at $1,494.

Eyes on Brexit headlines

Resurfacing fears of the United Kingdom (UK) crashing out of the European Union (EU) without a deal after British Prime Minister Boris Johnson's timetable to finalize his proposed deal got rejected by lawmakers allows traditional safe-havens to find demand on Wednesday.

Reflecting the risk-averse market environment, the 10-year United States (US) Treasury bond yield, which lost 2% yesterday, continued to push lower and was last down 1.05% on the day at 1.750%.

Nevertheless, investors seem to be taking a cautious stance while waiting for the EU to make a decision on a possible Brexit extension to January rather than fleeing to safety as seen by modest gains posted in global equity indexes. 

On the other hand, after taking advantage of the selling pressure surrounding the GBP on Tuesday, the Greenback stays relatively quiet with the US Dollar Index consolidating its recent gains above the 97.50 handle ahead of Thursday's durable good orders, new homes sales, and Markit Manufacturing and Services PMI data releases.

Technical levels to watch for

 

Oct 23, 2019

Oil technical analysis: WTI bulls break the 55.00 handle as EIA surprises to the upside

The Crude Oil West Texas Intermediate (WTI) is breaking out as the EIA Crude Oil Stock change came in better-than-anticipated at -1.699M vs. 2.232M forecast. W
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Oct 23, 2019

US Pres. Trump: Will remove US sanctions on Turkey

In a press briefing on Wednesday, United States (US) President Donald Trump announced that they will be removing the US sanctions on Turkey. "Sanction
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