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Gold Hits 6-year Maximum

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Gold has updated its new annual maximum at around $1439/oz. Last time it was traded around this price was in May 2013, thus the precious metal went up to a 6-year high. After this, a correction began, which returned quotes to the area of ​​$1400, with local support at $1405. Nevertheless, the asset still looks very bullish, most analysts agree that buyers will test the psychological level of $ 1500 in the medium term.

The main fundamental drivers of the current movement are market expectations for changes in the interest rate of the U.S. Federal Reserve, as well as the escalation of tension in relations between the United States and Iran. On June 24, U.S. President Donald Trump imposed regular sanctions on Iran, this time the restrictions touched on Iran’s Supreme Leader Ayatollah Ali Khamenei and his confidants.

The correction that began on Tuesday occurred simultaneously with a fall in U.S. stock indices after the statements by Fed Chairman Jerome Powell. He noted that, according to the Fed, inflation in the United States will sooner or later approach the target of 2%, but not as fast as previously expected. However, Powell did not hint at a rate cut, which disappointed investors who are expecting this to happen on the next meeting.

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Source: https://olymptrade.com/
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