US tax plan no barrier for gold price

Open demo account
FOREX trading implies serious risk and can result in the loss of your invested capital

Financial and commodity markets analytics

The gold price is on track today to rack up its 8th straight day of gains as optimism for US president Donald Trump’s tax plan fades into the background amid fears it will benefit the wealthy at the expense of the ordinary citizen.

With just hours or day’s remaining before Trump signs into law the biggest tax changes of a Generation, gold is shrugging off earlier predictions that investors would pile into the US dollar at the expense of other assets.

Although the changes are certain to be endorsed and signed by Trump, public sentiment surrounding the plan is less than enthusiastic and the Presidents republican party face losing

 their majority in the senate next year as a protest against the changes.

With the tax bill now out in the open, gold has fewer surprises and the uptrend that began almost 2 weeks ago has no reason to stop although there may be some resistance at current levels which was a previous support.

“The tax reform passing, you’d expect the market to celebrate that,” said Kevin Caron, a senior portfolio manager at Washington Crossing Advisors,

“But in reality a lot of this has already been part of the drama over the last year or so in anticipation of this moment. The market has gotten what it has already been discounting in.” he added.

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Fibo Markets

FIBO Markets Ltd. (ex. FIBO Group Holdings Ltd.) is authorized and regulated by the CySEC (licence no. 118/10) and operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union.

Unfortunately, our services are not available to individuals residing in Canada, the United States of America, North Korea, Iran, Iraq, Israel, Australia, Belgium, or Japan.

29 Agias Zonis, 1st Floor, 3027, Limassol, Cyprus

© 1998—2023 FIBO Markets Ltd. (ex. FIBO Group Holdings Ltd.)

IMPORTANT: Please be informed, that our services are available for Professional Clients only. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Please note that our services are provided only to the residents of the following counties (in alphabetical order): Austria, Bulgaria, British Virgin Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Kazakhstan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Oman, People's Republic of China, Poland, Portugal, Romania, Russia, Slovakia,Slovenia, Spain, Sweden, Ukraine, United Arab Emirates.

Please feel free to contact out Support in order to get further assistance.