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Gold is going to update new highs

Olymp Trade

Gold continues active growth, which began at the beginning of last week. The local resistance level is at around $1535, and the asset is consolidating in the $1525-1535 zone. After flat completion, gold is likely to continue a confident upward trend. The price target for bulls has already been determined - an attempt to update new annual highs near $1560 per ounce.

Gold growth is supported by fundamental factors. The US president at the UN General Assembly criticized the actions of China. Trump accused Beijing of manipulating the exchange rate, stealing intellectual property and dumping, noting that the World Trade Organization needs radical changes due to China's policies.

However, the president has one thing more for concern. The U.S. House of Representatives on Tuesday announced the start of the impeachment proceedings against Donald Trump. Trump’s removal is unlikely because 2/3 of the Republican-controlled Senate’s votes are needed to convict him. However, if this does happen somehow, the US stock market is likely to collapse, as it was in 1974 and 1998, and safe-haven assets will become even more popular with investors.

Olymp Trade Review

Source: https://olymptrade.com/
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