With gold down more than 1 on the day the selling should stop around the 1485 support level MKS PAMP Group says. We look toward support around USD 1485 to initially restrict further declines however broader support extends through to USD 1475 MKS writes. Data being eyed by the markets today include Chicago PMI and the Dallas Fed manufacturing activity print.
Gold at $1,600 is still in the cards despite short-term pressure - TD Securities
Monday September 30, 2019 09:00
Gold prices are still likely looking at $1,600 an ounce despite short-term pressure from better-than expected global data, according to TD Securities. "Notwithstanding the risks, we still think the Fed is set to cut rates next month, which suggests that $1,600/oz gold could be in the cards,” strategists at TD Securities write.
On Monday, gold was hit by "less-than-gloomy round of global data, which follows less-dovish-than-expected messaging from the Fed." Even if the Fed does not cut rates in October, gold stands to benefit, TD's strategists add. "We suspect that a disappointment from the Fed could cause an undue tightening in financial conditions, which would arguably have a more pronounced impact on equities, and therefore could see interest in gold counter-intuitively rise thereafter in response."
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