Gold Sep 24 (GCU24.CMX)
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Gold is a 'safe-haven' play ahead of the 2024 election
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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Trending tickers: Bitcoin, Samsung, Gold, Barratt Developments
The latest investor updates on stocks that are trending on Friday.
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2024 election: What Biden, Trump could mean for commodities
Presidential policies can have a ripple effect throughout the economy and broader markets. With the 2024 presidential election coming up — and the first debate happening on Thursday, June 27 — uncertainty around several sectors arises as candidates President Joe Biden and Former President Donald Trump have very different views on how to run the country. One of those markets that could shift drastically on policy alone is commodities, with crude oil (BZ=F, CL=F) and gas prices (RB=F) already facing pressure from geopolitical volatility. Blue Line Futures Chief Market Strategist Phil Streible joins Market Domination to provide insights into what investors should keep in mind with the commodity market during an election year and how each candidate may impact the market: "Energies are one of the top focuses that we're going to be watching. Under Trump, we were energy independent. We did also have a hard stance on Iran. It makes a play for lower energy prices if Trump was to come into office where we are much more dependent on OPEC, South American oil, it's very difficult for oil and gas exploration companies to get those permits to expand wells." Streible continues: "With the green energy Initiative front and center under the Biden administration, it's just really tough with the regulations in order to boost that output. So you're going to see more elevated energy prices with Biden around." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Nicholas Jacobino
