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Gold is ready to take off?

Olymp Trade

Gold is still in a very bullish mood. Attempts to overcome the local/annual maximum and rise above $1348 has not yet succeeded, but they have been taken. Local support is the uptrend line and $1,340 level. The divergence of the chart with oscillators, which formed from the beginning to the middle of June, ended. On the daily chart, the strong zone of resistance is the area of ​​$ 1360-1375, above which buyers have not been able to gain a foothold since 2013. However, this year there is every chance to do this, given the policy of the United States of America.
Gold as a defensive asset strengthened after news of the attack on two oil tankers in the Gulf of Oman last Thursday. US Secretary of State Mike Pompeo, on the basis of intelligence, accused Iran of an attack. However, no evidence has been published.
Local support for bulls is likely to be granted by the upcoming Fed meeting. No one expects rates cut this Wednesday, but the prospect of easing policy this year is steadily increasing. A cheaper dollar will have a positive impact on the value of gold.
China shows low rates of industrial production. It was only 5% with a forecast of 5.5%, which is the smallest growth increase since 2002. Against the background of the trade war with the United States, such figures do not look convincing and reinforce the possibility of a global recession in the near foreseeable future.

Olymp Trade Review

Source: https://olymptrade.com/
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