Hussein Sayed Foresees “Catalyst” Following More Gold Consolidation

CMT Association affiliate member Hussein Sayed, chief market strategist at ForexTime, was featured on CNBC Monday discussing the continuing consolidation of gold prices. 

"We will continue to see some consolidation between $1,200 and $1,250 for a couple of weeks until we see a kind of catalyst," Sayed, pictured above, said. "This could be Brexit negotiations, [or] the G20 meeting between the U.S. and China."

CNBC added commentary from fellow analysts backing up Sayed's opinion, while pointing out that the dollar has recently posted its biggest weekly drop in two months, as the Fed raised concerns over a potential global economic slowdown. 

"If we hear more dovish comments on the tightening cycle, this will drag the dollar lower and give another push to gold prices," Sayed concluded.

Read the full article here: Gold holds tight range as uncertain US rate view saps dollar.