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Gold Overcame $1500

Olymp Trade

Gold has overcome the psychological mark of $1500 per ounce for the first time in 6 years and updated a new high just above $1510. Thus, for the week of trading since August 1the asset added more than $110 or 7.9%. After updating the annual maximum, a correction began, which found local support at $1490. It is likely that after consolidation, growth will continue. The next important resistance level is at $1550; in the medium-term, the bulls will try to gain a foothold above it.

The reason for such a rapid increase in gold quotes is what traders fear. The trade war between the USA and China, which over the past week has entered a new round of escalation, encourages traders to go into protective assets. An additional driver for the bulls is the reduction of interest rates by central banks around the world. Also, Central Banks have recently been actively buying up gold, increasing its reserves. The current concerns of market participants are comparable to the Brexit effect, then gold also added about $100, or about 7%, though it just happened in a couple of hours.

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Source: https://olymptrade.com/
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