After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
XAU/USD near-term outlook
2019-11-11 • Updated
The bullion rose to $1245 as Trump-related news sparked safe-haven demand.
Gold has started its upsurge last week following Trump’s firing of FBI director James Comey. On Monday, Trump was accused of disclosing the US highly classified intelligence information to Russian foreign minister Sergey Lavrov. The yellow metal got an additional boost following the high-rank meeting in Oval Office.
The latest news appeared on Tuesday in the New York Times. It said that President Donald Trump tried to influence an FBI investigation into the ties between former US security advisor Michael Flynn and Russian authorities. Investors are questioning now whether there is a possibility of impeachment as Donald Trump allegedly obstructed justice (an impeachable offense in the US). The White House denied the NYT’s revelation.
The investors perceived the turmoil in Trump’s West Wing as yet more doubt that tax cuts, fiscal stimulus, and other pro-growth policies will be introduced. The US dollar is still under pressure, while safe-haven assets caught a bid on Trump’s concerns.
The bullion’s prices are hovering near the key resistance at $1247.30 (which a lower border of the previous upward trading channel + it is located near 200-day and 50-day MAs). If bulls manage to test the following level and rise towards $1270, we might see the continuation of the rally towards $1295.80 (this year high). In the opposite scenario, the prices risk sliding towards supports at $1228.60, 1213.85 levels.
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