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11:05
GOLD forecast price of gold XAUUSD 03.10.2019: the price of gold is trying to gain a foothold above $ 1500

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Gold finished trading on Wednesday above $ 1500. Who quotes continue to be held above this level while maintaining good opportunities for continued growth.


High demand for the precious metal occurs against the backdrop of growing concerns about the prospects for the global economy. Weak economic statistics from the United States put pressure on the key stock index, the US dollar and yields on US government bonds. These factors are always the strongest drivers for growth in the value of gold.

 

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High demand for the precious metal occurs against the backdrop of growing concerns about the prospects for the global economy. Weak economic statistics from the United States put pressure on the key stock index, the US dollar and yields on US government bonds. These factors are always the strongest drivers for growth in the value of gold.


So, investors are concerned about the deteriorating situation in international trade. With the permission of the WTO the United States from 18 October introduced duties on a number of agricultural and industrial products from the United States, which may lead to a deterioration in relations between Washington and Brussels. Experts do not exclude the responses from the EU.


Today, in addition to the news of geopolitics, it is worth paying attention to the publication of the PMI services sector and the non-manufacturing sector of the US data. Weaker data can significantly increase investors' interest in gold and other defensive assets.

 

On the chart of gold price broke the resistance at 1485.00 and continued growth. With the current levels can be expected to develop a corrective movement in order to retest the level of 1485.00. Thereafter, the upward movement may be resumed. The objectives are the levels 1510.00 and 1525.00.

 

Levels of resistance: 1510.00, 1525.00, 1555.00;                                                 

Support levels: 1494.00, 1485.00, 1475.00.

The main scenario - correction to 1485.00 and the resumption of the upward movement.

Alternative scenario - the development of an upward movement from the current levels.

 

The fundamental backdrop remains positive. The graph bovine predominate signals. Within days we consider buying from near the level of 1485.00. 

 

The gold price forecast every day  FORTFS

 

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