Gold Price Outlook Tied to Equity Performance, S&P500 Rebound

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Fundamental Forecast for Gold:Mixed

  • The rout in US equities continues to spur safe haven demand for the precious metal
  • Equity volatility has shown little sign of abating so gold is poised to remain a beneficiary
  • Bearish RSI and sentiment data muddy the safe-haven asset’s outlook

Gold Price Rides on Equity Stability

Gold staged another formidable rally this week as US equities remained under pressure. The precious metal has enjoyed the attention of investors looking to hedge their portfolio which has resulted in a climb of roughly $50 in October. On a percentage basis, the gain translates to slightly over 4. Friday’s bounce prompted gold to reach a three-month high above $1240.

Gold Price Chart Daily, October 2017 – October 2018

Gold Price Outlook Tied to Equity Performance, Samp;P500 Rebound

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With a continuous demand for gold in recent weeks, RSI has remained on the upper half of the range and nears overbought

Article source: https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2018/10/26/Gold-Price-Outlook-Tied-to-Equity-Performance.html