Gold is a 'safe-haven' play ahead of the 2024 election
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Published 2024-07-05
The commodities market is making major moves as crude oil (CL=F, BZ=F) and gold (GC=F) are headed for back-to-back weekly gains. Prosper Trading Academy CEO Scott Bauer joins Morning Brief to discuss these movements and how it may factor into the Federal Reserve's decision to initiate an interest rate cut. "It's all about the dollar (DX=F), and it's all about rates and the trajectory with the weak eco data that we've received over probably the last four to eight weeks, the [June] jobs number this morning as well, the trajectory has now been that the Fed is more than likely cutting in September. Personally, I think maybe they even need to consider July, though that's off the table for now pretty much But the eco data has been weak, and gold has really followed the path of the dollar in an inverse relationship," Bauer explains. With the 2024 election just months away, Bauer adds that gold is a "safe-haven play." He doesn't believe gold will quickly reach all-time highs, however, he explains, "with all of the geopolitical risk out there and the added risk around our election right now... If we break those old highs here, there's really from a technical standpoint not a lot of resistance there. We could see a pretty quick move up." For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Melanie Riehl
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