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Gold displayed mixed start of the week

Jan 29 2019, 01:30 PM (+06) |

On Monday, gold traded mixed, as the trading day was closed with a moderate growth, by 0.35%.

Multidirectional trading throughout the day was associated primarily with mixed USD dollar dynamics, which fluctuated between a slight increase and a decrease, and ended up with a result of + 0.09%. The main factor for US currency remains expectation regarding FOMC meeting, which will begin today. Most investors expect the Fed to announce a significant slowdown in the rate of interest rate hike in 2019.

On the background of a slight recovery in USD dollar, positive equities helped to maintain a positive sentiment in gold. Yesterday, both European and US indices closed the day lower, somewhat increasing demand for safe-haven assets such as gold and the Japanese yen. US equities declined on data on the incomes of key industrial and technology companies, which caused another increase in concerns about the continued high growth of the US economy in 2019.

Now all investors' hopes are connected with the US-China trade negotiations. According to the latest data China negotiators, which includes officials responsible for agriculture, industry and trade, have already arrived in Washington. Therefore, in the coming days, this topic will constitute tangible competition to the FOMC meeting in terms of its impact on the market.

Today there will be few important economic statistics on the market. In US, all attention will be focused on data on the CB consumer confidence index. Experts predict a decline from 128.1 to 124.7 , which could further weaken the position of the US currency. We will look into how the trading day develops.

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