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Gold Closes Current Week with a Record Minus

Olymp Trade

Gold closes this week with a fall of more than 3%, which has been its worst performance for the last 2.5 years. Bearish impulse broke the level of $1480. As a result, the decline was stopped only at the support level of $1460 per ounce. The decline stopped at the same level in late September-early October. At the moment, it is the key level: if it’s broken, the movement down will continue to the area of ​​$1430-1435. However, the scenario of the beginning of last month is likely to be repeated, and the asset might return to the equilibrium price of $1495-1500 after several trading sessions.

The price is falling against the backdrop of statements about positive dynamics in trade negotiations with the U.S. made by Chinese representatives. At the next meeting of the US Federal Reserve, which is to be held on December 10-11, the interest rate is likely to be left unchanged. According to current market expectations, the probability is 94%. Reuters reports that India’s gold imports in October 2019 fell a third from 2018. This is the fourth straight month when the country’s gold imports declined.

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Source: https://olymptrade.com/
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