Trading news

Gold is under pressure

Gold continues to move inside a downward price channel, where the asset has been trading since early October. Bulls made an attempt to break the level of $1495 per ounce, but failed to reverse the local trend. Gold began to fall quite impulsively, the lower limit of the channel and the support zone of $1472-1475 are most likely to become short-term price targets. If the decline leaves the channel, there will be a large zone of purchase near the level of $1460, the recent months’ local low.

The main pressure on quotes is now put by geopolitical factors. In the trade negotiations between the United States and China, there was a positive trend, an interim agreement was reached between the parties. A positive prospect is seen in the long-running issue of Britain leaving the European Union. The parties are closer than ever to signing an agreement. In the medium term, the gold price should be supported by the Fed’s purchase of $ 60 billion US bonds per month, which was recently voiced by Jerome Powell.

Olymp Trade Review

Thursday, 17 Oct, 2019 / 3:01

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