The price of gold: the Global risks and falling markets supported the metal
After yesterday’s drawdown of the price of the yellow metal resumed its rise, and quotes for the first time since mid-July has exceeded 1235, noting the highs on the 1236,50.
It seems that the gold restored relationship with dynamics of interest in risky assets. Risks on the world stage again came to the fore after a brief respite, and investors rushed to buy protective assets with an eye on the budget problems of Italy, uncertainty around the Brekzita and political tensions between Saudi Arabia and the West.
The tendency of evasion of risks can clearly be seen in the dynamics of the dollar, which is actively depreciates the yen after two days of growth. Remembering his protective status, the gold rushes to take advantage of the situation, especially since the metal is oversold, though, and moved away from the reached two months ago the lows around 1160.
After a recovery above the level 1200 players talking about the prerequisites for the formation of the bottom. You can now make this assumption more confident, especially given the lack of signs of a slowdown in global tensions. At least at this stage.
Before a possible new upward gold can pause and fall back on profit taking. But the technical picture for precious metals is definitely continues to improve.
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