The price of gold increases on the purchases of precious metals in China
Gold konsolidiruyutsya this week after a steady rise in price in early January. Troy ounce of precious metal trading on Wednesday morning, January 9, for $1283,20 when a new maximum of $1300. The demand for gold remains high, as capital markets still like a month or two ago, are in need of safe assets in the face of constant market pitching.
Among fundamental news it is worth noting the increase in China’s purchases of the precious metal in December 2018. China’s reserves in gold, according to the latest data, in the first month of winter has expanded to $76,331 billion from $72,122 billion previously. Nearly two years China was buying gold in very small volumes, which almost does not affect the parameters of the reserves. In addition to China, the gold at the end of the year acquired and other large States and small-size countries – Poland, Hungary.
According to “Alpari gold”, the technical picture of gold trading allows for the consolidation phase in the range of $1278-1300 per Troy ounce. Support is at $1275, resistance just above $1300, the next one is $1305. A new round of movement in gold directly dependent on external market sentiment.
Silver against the backdrop of expanding market interest in the assets of the “safe Harbor” and could not break its long-term goal at $16 per ounce, though still standing nearby. Today the precious metal is trading at $of 15.67, adjusted for stabilization of market sentiment. Short term – “sideways” between $and 15.46-of 15.86, medium-term target at $16 is still relevant.
Senior analyst at information-analytical center,