Where to for gold? Here's a projection to 1600 next year.
Collating some comments from UBS on their outlook forecast for gold next year.
- Gold continues to trade below its 100-day and 50-day moving averages
- struggling to break through.
- a holding pattern for now, waiting for the next set of catalysts
What to watch:
- How economic data plays out - particularly in the US
- as well as news flow on US/China trade talks
- ultimately it matters how all this feeds through to Fed policy and rates
ongoing consolidation in the market is healthy
- creating room for further gains
- and likely also easing some of the persistent concerns on positioning
uncertainty likely to persist
- rates likely to stay low
can trade through $1600 in 2020
- $1550 over the next three months