Weekly gold market review 02.09.2014
August is coming to the end, and unfortunately, the summer is also. As we know, summer is the most unfavorable season for gold, according to analysts. Despite the summer, gold managed to keep a high level, showing a small dynamics of ups and downs under the influence of external factors. In general, all the precious metals markets were inactive due to seasonality. The oils prices also went down. Experts believe, this is one of the factors that influenced the price of gold and platinum
The mid-August became successful for the yellow metal. On August 11, the price of gold was not able to gain foothold above the level of $ 1,320, nevertheless, it stabilized at a strong level of $ 1,308, demonstrating a high investment demand.
On August 13 there was noticeable a small negative trend that has affected all the precious metals, with the exception of palladium. On this day the price of gold rose to $ 1,319, and then corrected to $ 1,310. The demand of investment gold remained high. Further, the results of August 18 showed that the negative trend continued. The price of gold and platinum fell, but only slightly. The dollar came down along with gold.
August 21-25 became bad days for gold investors, who sought to sell their gold. However, it was good time to buy gold. On August 21 the value of the yellow metal fell to the support level of $ 1,275, and then rose up to the level of $ 1,282. That day was also favorable for the U.S dollar. The currency showed its new maximum in anticipation of a symposium in Jackson Hole.
On August 25 the price of gold was traded in the range of $ 1,274 with the level of support of $1,278. The market stabilized at the lower end of the consolidation range between $ 1,270 and 1,320.
Now a lot of investors guess why the price of gold is not growing up.
First of all, the economy of the United States strengthens its position, the Federal Reserve is becoming more confident, and in this regard, many investors have simply lost their interest in gold. But this does not mean that the value of gold is losing its ground in the world market. On the contrary, the summer comes to the end, the most unfavorable season for gold, which means that soon the price of gold will rush up.
For the most forward-looking and prospective contributors this means only one thing, that now it is the best time to buy gold when the price reached its minimum. The customers of Emgoldex are happy to enjoy the situation, they preserve their capital in gold and get a high stable income through the marketing program of the company.
Category: Gold news Publication date: 2014-09-02 17:23
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