Gold awaits next Fed chair
Open demo account
FOREX trading implies serious risk and can result in the loss of your invested capital

Financial and commodity markets analytics

The gold price is heading for a 2nd day of gains as the market awaits US president Donald Trump’s choice for the next candidate to run the US Federal Reserve.

Although the market is pretty certain on who Trump will pick, the expected behavior of Mr Powel remains uncertain and especially with regards to interest rate hikes and this has benefited gold

"A lot of the focus is on the Fed chair, and Trump's expected nomination of Jerome Powell," said OCBC analyst Barnabas Gan.

"The current movement in prices is not really about him Powell being hawkish or dovish, but more so about market uncertainty about what his nomination would mean."

From a technical point of view, the formation of a double bottom still looks in tact but it may take some time for gold to break out of its current tight trading range so we made need a strong break above the top resistance line around $1,280 before taking any long positions


The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.


The world of trading has no boundaries

IMPORTANT: Please be informed, that our services are available for Professional Clients only.

Important notice
By clicking "Continue" you will be redirected to the website operated by FIBO Group, LTD company registered in BVI and regulated by FSC. Please familiarize yourself with the Customer Agreement through the link. Click "Cancel" to remain on this page.