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Main » 2020 » January » 15 » GOLD forecast price of gold XAUUSD 15.01.2019 GOLD RECOVER amid falling dollar and news about the trade relationship between the US CHINA
10:32
GOLD forecast price of gold XAUUSD 15.01.2019 GOLD RECOVER amid falling dollar and news about the trade relationship between the US CHINA

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Gold regained some of the lost earlier position due to the weakening dollar and the yield of US Treasuries and US Treasury comments Stephen Mnuchina, before signing the interim foreign trade agreement between the US and China.


The dollar index was under pressure locally on the background of the publication of weak labor market data on Friday and the inflation report on Tuesday. For this reason, it reduced yields of government bonds. Investors believe that the Fed will be forced to take a more loose monetary policy to further stimulate the economy and achieve the target rate of inflation.

 

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Another supporting factor for gold are the statements of the Treasury Minister Stephen Mnuchina, who noted that the abolition of the previously imposed trade restrictions will be made only after the signing of the second part of the foreign trade agreement. Earlier, party claimed that the abolition of tariffs will occur after the signing of the first agreement. Citing people familiar with the matter, Bloomberg reported that the negotiations for the second phase can start only after the US presidential elections in November this year.

 

On the chart formed a local reversal signal, within which it is possible to expect development of the corrective movement towards level of 1560.00. Key support level of 1542.00 intraday acts.

 

Levels of resistance: 1560.00, 1573.00, 1585.00;                                                 

Support levels: 1542.00, 1530.00, 1515.00.

The main scenario - correction to 1542.00 and rising to 1560.00.

Alternative Scenario - consolidation below 1542.00 and decline to 1530.00.

 

Fundamental background - moderately positive. Within days consider buying the instrument from the level of 1542.00

 

Analytics and forecast price of gold every day  FORTFS

 

 

 

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