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Gold Is at its Key Level

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Gold has lost 1.6% since the beginning of the week and is trading near the key support level. If it breaks the current level of $1490, the downtrend will continue and the main target for sellers will be the area of $1460-1470 per troy ounce. If the buyers still have manage to resist the decline in the current area, the structure of medium-term consolidation will turn into an expanding triangle. In this case, the local correction up will have a target around $1550. Thus, the current mark is interesting for opening an arbitrage position with the specified targets.

BNP Paribas analyst Harry Tchilinguirian believes that banks' interest rate cuts will support bullish gold price dynamics, which will average $1600 per troy ounce in the first quarter of 2020. If the US Federal Reserve starts a cycle of quantitative easing, it will support the asset. The next Fed meeting will be held on September 18, and the current probability of a rate cut by 25 basis points is 94.6%, despite Jerome Powell's statements that the July rate cut was a single measure.

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Source: https://olymptrade.com/
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