Trading gold on Thursday completed a moderate rise on the weakening of the dollar. Investors still have different opinions on the prospects of further changes in monetary policy in the United States. Many experts do not exclude further rate cuts in the case of deterioration of macroeconomic indicators. This can be a powerful driver for further growth of gold prices.
Gradually, the traders are shifting their attention to the news on the situation of the economy in international trade. In October should start a new round of trade talks between the US and China. This meeting is the new benchmark for investors.
Today, the US economic calendar, there is no important news, so, most likely, the volatility will be low. The main attention will be paid to traders and geopolitical news of the situation in the stock markets.
On the chart is still valid horizontal trading range 1485.00-1523.00. As part of the outset we should expect further development of the movement from the lower to the upper border outset.
Levels of resistance: 1523.00, 1545.00, 1555.00;
Support levels: 1485.00, 1455.00, 1430.00.
The main scenario - growth in the direction of the level of 1523.00.
Alternative - the breakdown of support at 1485.00 and the further development of the downward movement.
The market remains moderately positive fundamental backdrop. In the graph locally prevail bovine signals. Preference is given to short-term purchases, which should be considered at the level of 1497.00
Gold forecast FORTFS