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Fanon: The improvement of risk sentiment will not inhibit the price of gold

January 11, 2019 20:15
source: Gold headline

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Currently our risk index is 1.17 (previous week was 1.66) and entered the lower risk area. The improvement in risk appetite is mainly reflected in the decline in volatility in the cross market. Historically, the current risk index (1.17) is still attractive for buying risky assets.

As the two countries reached a new round of trade agreements, the Fed’scurrencyPolicy expectations are also affected at the same time. If the momentum of growth in Europe rebounds, there will be room for market sentiment to continue to improve, and the risk index will hit new lows.

In this case, we expect risk-sensitive currencies (such as the Norwegian Krone and the Swedish Krona) to regain support. Shorting the EUR/Swedish Krona is our trading advice. On the other hand, we expect gold to remain in demand, regardless of improved mood. Faced in the dollarinterest rateDuring the downturn, gold is unlikely to face rising selling sentiment.

Figure 1: Fannon Risk Index

Figure 2: Sensitivity of each currency within two years.

Figure 3: Current currenciesinterest rateLevel

Figure 4: Gold and French Farmers Risk Index

(Article source: Gold headline)

                (Editor: DF134)

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