After battling some severe headwinds, including a strong U.S. dollar for most of 2018, gold is looking “to take the bull baton from the U.S. dollar and stock market” in the new year, said Bloomberg Intelligence (BI) in its January Commodity Outlook.
Gold prices kicked off 2019 on a positive note, with gold trading near six-month highs during the first trading session of the year, supported by “wobbly stock markets and chart-based buying,” according to Kitco’s senior technical analyst Jim Wyckoff. February Comex gold futures were last trading at $1,282.40, up 0.09% on the day, after reaching a daily high of $1,290.20 earlier in the session.
This positive gold trend should continue as the year progresses, wrote BI’s senior commodity strategist Mike McGlone. Some supporting factors for commodities this year include a weaker greenback, more volatility in the stock market, and a less aggressive Federal Reserve.
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