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Gold is Recovering From a Fall

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Gold continues to correct after the fall that occurred 2 weeks ago. The local maximum was updated just below $1479 per ounce, and trade is mainly concentrated in the $1465-1475 zone.

The nearest key level for bulls is at around $1480. This level is a 50% Fibo-level and if it is broken, then quotes can recover by up to as much as $1495-1500. In this case, the price will come close to the medium-term trendline of a bearish trend in which the asset has been trading since the end of August.

Morgan Stanley analysts believe that next year the US dollar will decline amid economic growth in other countries. According to their forecast, the average price of gold in 2020 will be near $1511 per ounce and trade will be concentrated near the psychological level of $1500.

The investment company, Evoke Wealth Llc., invested $31.22 billion in the SPDR Gold Trust fund and is now the largest investor in this ETF. The purchase volume corresponds to almost 700 tons of physical gold. With this purchase, the company increased the share of gold in its investment portfolio up to 3.5%.

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Source: https://olymptrade.com/
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