Gold futures rallied Tuesday to settled back above the key $1,400 mark, recouping much of the hefty losses they suffered in the previous session. Safe havens shined brightly Tuesday “as global slowdown worries are growing,” said Edward Moya, senior market analyst at Oanda. “The initial trade truce risk-on rally is over, and markets have little to show in hopes of a trade deal getting finalized anytime soon.” August gold GCQ19, +1.48% rose $18.70, or 1.4%, to settle at $1,408 on Comex. It fell 1.7% Monday, for the largest one-day loss since June 2018, according to FactSet data.
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With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds...