Gold futures ramp up to a more than six-year high, benefiting from unrest in Hong Kong, a rout in the Argentine peso and the U.S.-China trade war; Comex gold +1.3% to $1,536.50/oz.
Goldman Sachs upgraded its gold price forecast for the first time this year, hiking its 3-month and 6-month projections to a respective $1,575/oz. and $1,600/oz. in light of escalating trade war tensions.
On the technical front, "a solid breakout and daily close above the $1,525 level is likely to inject gold bulls with enough inspiration to challenge $1,550," says FXTM analyst Lukman Otunuga.
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