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Local golden correction

Olymp Trade

At the beginning of the week, gold continued to strengthen positions, updating the local maximum up to $1,324/oz. Highly likely this trend was caused by the inversion of US government bond yield curve. Inversion is a sign of a potential economy recession, and it appeared for the first time since 2007. However, it wasn’t possible to stay above $ 1324 and the asset tested $ 1310, which is now a support level. Likely, local change of trend occur here and bulls will prevail again.

There is uncertainty on the market for a number of issues. A new round of trade negotiations between the US and China should begin on Thursday. And on Wednesday evening, a series of polls will be held on options for the UK exit from the Eurozone, alternative to the agreement that was proposed by British Prime Minister Theresa May.

Russia’s gold production data can become a local help for bears. According to the Ministry of Finance in January 2019, gold production increased by 14% compared to January last year and equals to 17.84 tons.

Olymp Trade Review

Source: https://olymptrade.com/
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