Trading news

Gold Continues to Consolidate

Gold has been consolidating for almost a week near the psychological mark of $1500 per ounce. Local support is at $1490 and resistance at $1510. On the hourly chart, consolidation takes the form of a downward price channel, which began after an upward impulse. From the point of view of technical analysis, the asset forms a flag, which is a figure of the trend continuation. If bulls manage to gain a foothold above $1510, then it is very likely that the movement will continue towards a breakthrough for the figure height, i.e. to the area of ​​$1530.

China has continued to increase its gold reserves over the past 10 months. The People's Bank of China resumed purchases in December 2018 after an almost two-year hiatus. Thus, over the past 10 months, China has purchased more than 100 tons of precious metal and currently the country's gold reserve is 1948 tons.

Olymp Trade Review

Tuesday, 08 Oct, 2019 / 1:37

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