In recent days against the backdrop of a significant worsening of trade relations between the world's leading economies - the US and China, market participants tend to avoid investing in risky assets, preferring the classic "safe havens," not proven one period of economic uncertainty. One such defensive assets has traditionally been gold.
By 9:00 Moscow time Tuesday XAUUSD is quoted at $ 1533 per ounce, although at the end of last week, many traders are reluctant to allow that gold is poised to break above $ 1,500. However, yesterday he was able to test the resistance of $ 1550, thereby reaching our targets.
UBS analysts forecast that in the next 6 months the price of gold could rise to $ 1,600. We fully share this position, believing that the risk of a global economic slowdown due to the US trade and China conflict could trigger a further easing of monetary policy by central banks around the world, forcing traders hedzhirovatsya impairment classical currencies. Buy gold is not only due to its ability to go up to the financial and economic crisis, but also against the background of the projected weakening of the dollar. Recall that the Fed intends to continue to lower rates at its next meeting, which will lead to a drop in the yield of treasury bonds and will deprive the US currency growth opportunities. Gold Against this background only will win.
XAUUSD BuyLimit 1510 TP 1590 SL 1490
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author Artem Deev trader analyst AMarkets. Social Met forex traders shall not be liable for any damages in case of a vision materials
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