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Gold: The Downtrend Is Broken

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Gold finished last week with an increase of 1.85%. A bullish impulse at the end of Friday's session broke the downtrend line in which the asset has been since the beginning of September. At the moment, bulls are trying to break through the level of $1520 per ounce. If they succeed, their next goal will be $1545-1555 zone and, possibly, updating new highs.

In the United States, an investigation has been completed against a JP Morgan bank trader related to manipulations in the precious metals market. In the period from 2009 to 2015, he illegally used spoofing to manipulate the prices of gold, silver, platinum, and palladium. A similar investigation was conducted in 2010, but nothing was proven at that time. Nevertheless, after this, from the end of 2010 to the middle of 2011, gold and silver quotes showed excellent positive dynamics. If we assume that this happened due to the suspension of manipulations by the largest banks frightened by the authorities' attention, a similar situation is developing on the market now. This is another indirect sign of future growth of the precious metals price.

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Source: https://olymptrade.com/
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