The US Dollar (USD) is partly losing its store-of-value function — a macro theme that has already occurred many times through history. Gold is capturing a portion of that store-of-value function, TDS' Senior Commodity Strategist Daniel Ghali notes.
SGE’s Gold expansion hints at a bigger game in currency chess
"Gold's overbought but undersold positioning dynamic, central banks' appetite for Gold, and Gold's apparent disconnect with traditional indicators such as the USD, US rates, and risk appetite are a symptom of this."
The SGE's expansion to Hong Kong seeks to capitalize on this megatheme by promoting yuan-denominated trading in Gold's largest market, which seeks to make inroads in a different-but-related theme: the USD's reserve-currency status. Reserve currency status isn't lost overnight, but in the context of MAGAxit, this only represents one move on the grand chessboard."
"For the time being, the détente on trade has eased Gold's buying impulse, but sentiment is poor, and with participation as low as it is today, we struggle to see Gold prices sustainably lower. Instead, we see several catalysts on the horizon for the next buying impulse."
作者:FXStreet Insights Team,文章来源FXStreet,版权归原作者所有,如有侵权请联系本人删除。
风险提示:以上内容仅代表作者或嘉宾的观点,不代表 FOLLOWME 的任何观点及立场,且不代表 FOLLOWME 同意其说法或描述,也不构成任何投资建议。对于访问者根据 FOLLOWME 社区提供的信息所做出的一切行为,除非另有明确的书面承诺文件,否则本社区不承担任何形式的责任。
FOLLOWME 交易社区网址: www.followme.ceo
加载失败()