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Christmas Price

Olymp Trade

Gold closed the trading session on Tuesday near the psychological mark of $1500 per ounce. A few hours before closing, quotes went up by almost $10. The asset returned to $1500 for the first time in the last 7 trading weeks. On Wednesday, most of the world's exchanges are closed due to Christmas celebration.

On the technical side, gold broke the line of the 4-month downtrend, and the price currently stopped at 50% Fibo level. The next 61.8% Fibonacci level will be located at $1513. This mark is likely to become the immediate target of the correction movement.

Analysts at BMO Capital Markets investment bank estimate that the average price of gold next year will be $1501 per ounce. The asset will receive main support from soft monetary policy of the Central banks of the leading countries, as well as from regular purchases of precious metals for the reserves. At this price of gold, many gold mining companies will be at a good level of profitability and it will be beneficial for them to develop facilities for mining of precious metals.

Source: https://olymptrade.com/
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