Main » 2020 » February » 19 » How to make money on gold? Trading ideas 19/02/2020: Should I buy gold?
How to make money on gold? Trading ideas 19/02/2020: Should I buy gold?
Gold continues to update the multi-year highs. After successful testing resistance at $ 1,600 during the trading session on Tuesday, XAUUSD is 7-year-old Hai and Wednesday. By 16:00 Moscow time gold is trading at $ 1606 an ounce, still maintaining the potential for even greater growth. Considerable interest in gold in the current environment clearly indicates that traders are still concerned about the spread of Chinese coronavirus infection and its consequences for the global economy. Today should perform a number of Fed officials, as well as at 22:00 GMT will be released minutes of the last meeting of the Committee on Open Market Operations.
Investors will wait for the Fed's views on inflation, labor market conditions, as well as plans for the future of the vector of monetary policy. Despite the fact that the protocols traditionally have a big impact on the dollar, the impact on the dynamics of gold is likely to be muted.
It is worth noting that the dollar index for several consecutive weeks remain at multi-month highs near 100.00, however, the strengthening of the US currency did not affect the gold weakness. Having said that, the determining factor for XAUUSD will risk a negative impact on world economic growth of a new epidemic of pneumonia. In other words, while the number of cases continues to grow as the number of deaths in gold is a good opportunity to preserve the "bullish" trend.
XAUUSD BuyLimit 1600 TP 1645 SL 1592
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author trader analyst Artem Deev company AMarkets. Social network for forex traders is not responsible for any losses in the case of review materials.