The price of gold fell to $1 945 per ounce
Tuesday, 11 August, financial markets were again dominated by mixed dynamics. Brent crude oil maintained its position near $45 per barrel, however, the energy market still there is some uncertainty on the part of the players. The growth went and the precious metals market. Gold fell by more than $80 and reached $1 945 per Troy ounce, and silver lost more than 10% from the open price and the evening of Tuesday was trading at $26,17.
Apparently, the speculators decided to take profits on protective assets, further developments in gold or silver depends on whether you want short-term investors return to the market with long positions. Most likely gold is expected sideways in a wide range $1 800 – 2 000 per Troy ounce.
In the foreign exchange market, unlike the commodity, the dollar has weakened against most currencies. The USD index is slightly decreased and was at 93,47 (-0.10 percent). The Russian ruble by results of trading session strengthened 0.74% against the us dollar, disregarding the data on the decline of Russia’s GDP by 8.5% in the second quarter. It should be noted that Rosstat data was optimistic data of the Ministry of economy (decline of 9.6%) and Central Bank (decrease by 9-10%), perhaps this fact explains the positive nature of the movement of the Russian currency.
However, we expect that the achievement of ruble mark 72,93 is part of a lateral movement in a wide range of 70-75 for the U.S. currency. Also some positive dynamics of the Russian rouble recovered the news about registering the world’s first vaccine against COVID-19. Here, however, you need to factor in the recognition of the vaccine by the international community, whose opinion on this point very skeptical.
The cryptocurrency market has stabilized in a new range. Bitcoin and Ethereum have lost 3%, however, continue to drift near the local highs. BTC/USD at the end of the day on Tuesday was trading at $11 470, Ethereum is kept at a value of $384. Note that bitcoin and other cryptocurrencies we leave in force the flow forecast within the outset. Investors are waiting for new growth drivers, however, most likely the fundamental factors will be closer to autumn, and before the 20’s of August the market will be dominated by movement in the range of $10 700 – 12 000.
Head of data analysis,