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Main » 2019 » October » 4 » GOLD forecast price of gold XAUUSD 04.10.2019: the price of gold held above $ 1500
11:46
GOLD forecast price of gold XAUUSD 04.10.2019: the price of gold held above $ 1500

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Gold maintains an upward trend movement against the publication of another batch of weak data from the US and the strengthening of fears associated with the slowdown of the global economy.


Purchasing Managers Index (PMI) for the non-manufacturing sector of the United States in September fell to a 3-year low. This has increased fears about the spread of the negative trend of the production sphere to other parts of the economy. A whole series of weak economic data this week has strengthened investors' expectations about the Fed's further easing of monetary policy to maintain high growth. According to the CME Group, traders estimate the probability of two more rate cuts at 53%, against 39% in the medium and only 19% last week. This is a bullish signal for gold.

 

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Today, the US trading session promises to be very hot. Investors expect the latest and most important this week economic statistics from the United States - Non-Farm Payrolls. Later it will be the speech by the Fed Braynarda, Bostic, George Clarida, Kvorlsa and Jerome Powell. Investors will closely monitor their performances in the light of the this week's weak US data.

 


On the chart the price keeps rising motion vector. Bulls managed to form a strong support area in the mark 1499.00, from which it is possible to expect the further development of the movement up to 1525.00.


Levels of resistance: 1515.00, 1525.00, 1555.00;                                                 

Support levels: 1499.00, 1485.00, 1475.00.

The main scenario - correction to 1499.00 and the resumption of the upward movement.

Alternative - the breakdown of support at 1499.00 and decline to 1485.00.


The market remains positive fundamental backdrop. The graph bovine predominate signals. Within days we prefer buying that worth looking for near the mark of 1499.00

 

Gold prices forecast  FORTFS

 

 

 

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