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Gold Forecast 1Q-2020: Shift in US Trade Policy Casts Bullish Outlook

Gold Forecast 1Q-2020: Shift in US Trade Policy Casts Bullish Outlook

David Song, Strategist

The price of gold appears to be stuck in a narrow range after trading at its highest level since 2013, but the precious metal may continue to exhibit a bullish behavior in 2020 as market participants look for a hedge against fiat currencies.

The shift in trade policy may continue to sway gold prices as President Donald Trump states that the US and China “will begin negotiations on the Phase Two Deal immediately,” but the narrative may continue to evolve over the coming months as the Office of the United States Trade Representative (USTR) initiates “a process to assess increasing the tariff rates and subjecting additional EU products to the tariffs.”

Federal Reserve’s Dot Plot (December 2019 FOMC Meeting) (Chart 1)

Fed Dot Plot

--- Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.