Ole Hansen, head of commodity markets strategy at the Danish bank Saxo, believes that a breakthrough gold support level of $ 1148 and reaching the level of $ 1140 would mean a reversal of the trend - based on AMarkets.
Prices for the metal have made a dizzying fall from levels above $ 1180 on Wednesday last week to $ 1140 to the Friday's session on news the US Federal Reserve. It marked the third drawdown of gold in 2015.
However, the largest gold producer in the world - Barrick Gold Corp. - Are positive. Last week, the manufacturer has reported a profit for the third quarter - indicators were higher than analysts' expectations.The company was able to win advantages at the expense of low production costs and production growth - these factors have helped to offset price drawdown metal. According to forecasts of Barrick, as early as next year, the metal may begin to grow. Especially against the background of increased interest in metal by central banks.
In September, Russia has greatly increased purchases of gold - monthly purchases made in terms of the annual maximum. Bank of China, too, as reported by the increased purchases of metal.