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Analytics, News, and Forecasts for CFD Markets: raw news — 28-09-2020.
FXStreet reports that Howie Lee, Economist at OCBC Bank, notes that gold is likely to face further downside pressure, especially if the dollar continues to firm. XAU/USD has started the week trading listless around $1860.
“Gold broke below $1900/oz last week and bulls have not shown any inclination to buy on dips despite prices being at a two-month low.”
“With the dollar expected to continue strengthening in the current risk-off environment, the inverse correlation between gold and the dollar may push gold further down in the immediate future.”
- Global oil market has stabilised over the last few months
- Balance has been restored
| Raw materials | Closed | Change, % |
|---|---|---|
| Brent | 41.73 | 0.12 |
| Silver | 22.82 | -1.38 |
| Gold | 1859.882 | -0.45 |
| Palladium | 2213.05 | -0.88 |
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