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MarketScreener Homepage  >  Commodities  >  Gold       XAUUSD


Delayed Quote. Delayed  - 10/18 05:00:00 pm
1490.893 USD   -0.13%
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Investors seeking refuge

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10/03/2019 | 11:46am

The markets begin the last quarter of the year in a nervous environment, weighed down by the decline in macroeconomic statistics on both sides of the Atlantic. After the decline in manufacturing ISM, which contracted by 47.8, it is now the turn of service ISM to show signs of weakness. This was revised downward in September to 52.6 (below expectations of 55.1). Volatility has thus increased over the last few sessions, which benefits during the golden ounce, all the more so as the main world indices are correcting not far from their annual records. Initially supported by strong demand from central banks and the general decline in bond yields, it is now its status as a safe haven that drives up the price of gold. From a graphical point of view, in units of weekly hours, the consolidation of prices continued until contact with the 100-day moving average, in the 1460 USD zone. Investors took advantage of this opportunity to take long, cheap positions, in line with the underlying trend, which is regaining its rights. The target of buyers is in the 1540-1550 USD zone, until now impassable, whose break would free up new upside potential. The upward trend will not be reversed as long as the support of the 1440 USD is maintained.

Jordan Dufee
© MarketScreener.com 2019
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