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Gold Is Ready to Move

Olymp Trade

Gold left the horizontal price channel between $1480-1495 per ounce. Bulls once again made an attempt to get over the local resistance level of $1495, this time successfully. In the short term, gold price is likely to go up to $1510. Nevertheless, there are no strong fundamental drivers of movement in the market yet, so the general movement is sideways.

But flat cannot last forever. A new trend movement will most likely begin at the end of this month. The situation with Brexit should have been clarified by October 31, otherwise the UK will leave EU with no deal. The US Federal Reserve holds its next meeting on October 30. Market participants with a 94% probability believe that the rate will be reduced by 25 basis points. We are also very likely to see movements towards signing of a trade agreement between the United States and China. Next round of their trade negotiations will be held on October 25.

Olymp Trade Review

Source: https://olymptrade.com/
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