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Gold may re-test USD 1200, appears more attractive in non-USD terms - FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole sees Gold likely to see a an up move in USD terms, as the probability of an early interest rate hike in the US diminishes each day.

Key Quotes

“Gold prices are likely to re-test USD 1200 levels in the short-term.”

“BOJ, ECB and BOE are relatively more dovish than Fed, leading to US Dollar strength. Thus, Gold is likely to provide more return in JPY, EUR and GBP terms over the long-term.”

“However, gains of more than 5% in Gold prices from the current level are unlikely as the falling interest rate expectations and the resulting delay in the interest rate hike in the US is likely to support the stock markets, thereby reducing the hedge demand for Gold.”

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