Gold - Long - Upside Potential

Today has seen Gold pass $1500 reaching levels not seen in six years on the back of escalation of the trade war between the US and China and the subsequent fall in equity markets. This coupled with central banks worldwide cutting rates and we think even the US could keep cutting rates in the future even though Powell gave no indication of this in his comments after the FOMC. Therefore we would maintain our long view unless Gold drops below the $1484 support level which could happen in particular if the US dollar starts to significantly strengthen.