Gold prices today at its highest level in three months and new fears of China
Gold prices today at its highest level in three months and new fears of China
Gold prices continue to rise for the third consecutive week, supported by tensions in emerging markets and China, where he witnessed the yellow metal to a high of 0.97% after recording the manufacturing sector in China bad performance, as expected. Gold prices today traded at its highest level since the three months to coincide with the increased demand for gold as a safe haven. This period is witnessing changes in the link between the US dollar and gold, for as long as we have seen in the previous inverse relationship between them, but the global economic downturn led to alleviate this relationship. With the continuation of the market to buy the US dollar, first because there is speculation to raise US interest rates this year, and secondly because of capital flight from emerging markets to safe havens comes the role of gold as a metal safe haven. With the absence of high inflation and high rates of the US dollar disappeared incentive to buy the yellow metal for the fact that there is a growing demand because of the tensions in the emerging markets.
Technically testing the average price line simple moving at 1130 200 area --1 131 US dollars per ounce, a break of this area to the top, gives the possibility of higher to $ 1133 First and Second 1138.5. Of course it supports this scenario negative US economic data and as concerns of emerging markets which led to the yellow metal recorded a rise of 6% since the beginning of the year until now. On the other hand, breaking the line in 1118 and 1114 could lead to further downside.
Higher gold prices after the generation of the Chinese PMI numbers and disparate concerns index
Today's strategy on Gold Prices
Baseline scenario: buying centers above the level of US $ 1118 with a primary goal at the 1133 and 1138.5 goal line Next.
The opposite scenario: below US $ 1118, can search for increasingly lower with 1111 and 1104.5 line key targets.
Pivot Point: 1118 USD
Comments: Despite the continued consolidation, which can not be ruled out, but it is likely to have a limited range.
Diagram 30 minutes for the price of gold
