Weekly gold market review 22.10.14
Recently in mass media there was a set of fears that gold will continue to decrease in the price, even despite the fact that in September the price of gold already reached a low level. But already from the middle of October it became clear that this yellow metal will rise in price.
In September the gold market, even despite the fall of gold prices, looked much better than other markets of precious metals. Experts connect it with the use of gold as an insurance asset. After all, it is widely known that now in the world awaits the next economic recession. Other precious metals are more used in the industry, and as insurance of the monetary capital, gold was always considered as the most reliable one. It is noticeable that when there is a deterioration of geopolitics in different countries, depreciation of money and the general worsening of the economic situation in the world — price of gold always goes up.
According to the data for October 8, the price of gold moved down to the week resistance level of $ 1,220. Then it stabilized at $ 1,219. For some time before, the price of gold was supported by the Chinese investors who entered the market. At that time the nearest support level was $ 1,200-1,207, and resistance level was $ 1,220-1,230.
Already on October 10, the price of gold rose to the strong resistance level of $ 1,230 and then fell down again. But as for the data of October 13, it was clear, that the price of gold would continue its growth. Last Friday the price stabilized at the high resistance level of $ 1,238. The probability of the growth to the level of $ 1,250 increased.
By data for October 17 the price of gold remained at the strong level of support of 1238 dollars. Experts calculated that growth can reach the following strong level of resistance of 1270 dollars. And already on October 21 prices of gold went up under the influence of the depreciation of dollar of the United States. Gold passed the strong level of resistance of 1250 dollars and reached a maximum at the level of 1254 dollars. Some time later gold corrected to the level of 1251 dollars.
According to experts, today the economic situation looks suspicious, because the national debts of the developed countries are too high for so long. It makes the world economy out of balance. Investors are looking for alternative investments in assets with low risk and great prospects.
Now such the asset is gold.
The far-sighted clients of the Emgoldex company use the moment and save their capital in gold. Moreover, they receive a stable and high income through the marketing program of Emgoldex.
Category: Gold news Publication date: 2014-10-23 08:38
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