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UBS: We expect gold consolidation by the end of the year

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Gold is traded uncertainly around 100 periodic averages and it seems that the tension in Catalonia has not attracted cash inflows to the precious metal. Currently, the price of gold is dictated by the dollar, as there are no other catalysts to move the precious metal. We are in a strong bullish stock market and rising interest rates, with the Fed chairman and his monetary policy being the engine of short-term movements.

Yellen heir is likely to be chosen this week, and Jerom Powell is the favorite. With Powell choice, UBS short-term expectations are to consolidate the dollar. Today, at 20:00, we are most likely expecting the latest statement by Yellen as Fed chairman, with markets waiting for details of the December meeting. Until then, the bank believes that gold will move in a tight consolidation around 100 average averages.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov


 Varchev Traders

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