Trump meets with key trade advisers, can announce a response to Chinese tariffs.
Risk aversion intensifies on trade war escalation: Gold, CHF and JPY soar.
Gold continues to rise sharply amid issues regarding the impact of the increase within the US-China trade war. The demand for safe-haven assets emerged over the last hours, resulting in a rally within the Muntz metal.
China retaliates, Trump tweets and markets concern the worst
The value of gold rose currently nearly $40 from daily lows. Recently reached $1,529.60/oz, the very best intraday level since August thirteen, once it listed at $1,535 the very best in six years.
The optimistic tone in gold and therefore the negative momentum round the buck remains intact, therefore it the metal might hit new multi-year highs shortly. XAU/USD stands around $1,525; if it breaks higher than YTD highs, successive sturdy resistance is found at $1,550/55.
Market focus is currently on the announcements from the White House. it's been reported that Trump is together with his trade team. In a tweet, Trump aforesaid North American country corporations were “hereby ordered” to start out searching for an alternate to China. The increase in trade tensions increased the percentages of additional aggressive rate cuts from the Fed and sadden the North American country dollar.
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