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Main » 2019 » July » 15 » GOLD forecast price of gold XAUUSD 15.07.2019
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GOLD forecast price of gold XAUUSD 15.07.2019

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Gold prices at auction on Friday rose, ending the trading week an increase of nearly 1%. The main driver for the growth of gold prices remain the Fed signals a possible interest rate cut already at the next meeting of the FOMC, which is likely to weaken the dollar and reduce the profitability of US debt securities.

 

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Today, the focus of investors are statistical data from China. According to the information provided by China's GDP growth continues to slow down in the 2nd quarter compared to the same period last year, the figure rose by 6.2%. This is the lowest growth in the last 27 years. The continuation of the negative trend somewhat enhances investors' concerns about the prospects for the development of world's largest economy, but most investors are still positive assessment published today by Statistics unit as the higher predictive values ​​were data on investments in fixed assets (actual 5.8%, 5.6% of the forecast) and industrial production (actual 6.3%, forecast 5.2%). Therefore, in the Asian trading session, gold was traded in the red zone, due to lower investor interest in defensive assets.


Today, the economic calendar is no more important news, so the main impact on the further course of trading will have a situation in the stock markets and the dynamics of the dollar.

 

 

On the chart remains a wide sideways, with boundaries at levels 1383.00-1438.00. In the central part of the outset, in the area of ​​1405.00 level is an intermediate level of support, which continues to hold the price in the upper range. Therefore, the priority remains the option with the growth of quotations to 1425.00 and 1438.00.  


Levels of resistance: 1425.00, 1438.00, 1445.00;                                                 

Support levels: 1405.00, 1383.00, 1360.00.

The main scenario - increase to 1425.00.

Alternative - the breakdown of support at 1405.00 and decline to 1383.00.


On the market as a whole is maintained moderately positive news background, so within a broad outset preference is still given shopping tool, which should be considered on the level of 1405.00.

 

 

 

forecast gold prices  FORTFS

 

 

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