Gold Settled

Gold settled at the beginning of the week, affected by strong USD and global stocks.

The Federal Open Market Committee begins its two-day deliberation today, and will make its policy statement on interest rates on Wednesday afternoon. The Fed is expected to touch upon U.S. external risks, most notably the Brexit.

The U.S. dollar index fell by 10 pips during yesterday’s trading session and settled at 97.30.

A statement issued by the G20 ministers at the end of the two-day meeting said, "In light of recent developments, we reiterate our determination to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth."

EUR settled near its lowest level vs. USD and traded at $1.10. The single currency could trade sideways at $1.10.

GBP failed to pare its losses vs. USD and traded at lower levels at the beginning of the week in anticipation of important data from the UK. From a technical point of view, GBP could trade at $1.30.

The Japanese Yen surged vs. the American dollar and traded at ¥106, amid threats of a global glut of oil.

Oil prices declined to its lowest level in two months and half, due to threats of global glut. WTI fell to $43 and could decline further before Wednesday.

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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