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Market Outlook
ZFX: Market sentiment continues to be uncertain amid weak dollar - Zeal Capital Market

ZFX: Market sentiment continues to be uncertain amid weak dollar

18-08-2020 07:33

The market focus on Monday was Warren Buffett. Barrick Gold Corp, the world’s second-largest gold mining company, surged as much as 12% after the news that Buffett’s Berkshire Hathaway revealed its stake of this mining company last quarter.

Investors believe that Buffett has changed his mind over the gold market, triggering the buying interest on Monday, pushing the gold price once again approaching the $2000 level.

On the other hand, to some extent, tensions between China and the US weighed on investor sentiment. The Trump’s administration announced further restrictions on Huawei on Monday, further limiting the use of the US chips by this Tech giant.

The three major Wall Street indexes were mixed overnight, while the fresh rally in tech stocks supported the Nasdaq, making another record high. The drop of the US Treasury yields also propped up investor confidence.

Stocks in Asian markets were mixed on Tuesday, basically following the momentum on Monday. Gold price extends the gain, hitting $2000 level, as the dollar is still bearish, that may trigger another breakthrough, especially before the minutes from Fed this week.

ZFX analyst Jacob Leung said that so far it is doubtful whether the market theme has formed or not. Obviously, the dollar was weak over these days, however, the markets were not dominated by bullish sentiment. For the development of the China-US tensions, surprisingly, it is not that negative.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.