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The Gold Market Is Frozen at the Moment

Olymp Trade

Gold continues to be flat around $ 1500. Local support is at $1505 per ounce. The local maximum was updated near $1517, but quotes didn’t stay in this zone for long. In general, the asset shows a good local upward trend in the last 2 trading sessions, highs are updated, new local lows are higher than the previous ones. Until the announcement of the results of trade negotiations between the US and China at the end of the week, the flat gold market will continue. Donald Trump said that if there is no progress made during this round of negotiations, duties on Chinese goods will be introduced from October 15.

Jerome Powell at a press conference in Denver hinted at a further reduction in interest rates and the resumption of the program of purchasing government bonds by FED, which should also stimulate consumer interest in gold. However, he separately noted that this is not quantitative easing.

The World Gold Council published data on the gold reserves of international ETF funds for September 2019. Last month, gold reserves increased by 75.2 tons up to 2.808 tons. Therefore net capital inflows in September amounted to $3.9 billion.

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Source: https://olymptrade.com/
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