Global Positions in Gold Continue to Rise – ForTrader.org Financial Magazine


Current dynamics

Against the background of positive expectations regarding the global outlook, gold quotes continue their corrective growth, trading at $ 1,817 per ounce.

Despite the fact that the US Federal Reserve System assures the whole world of a decrease in inflation, it is intensifying, which is natural in conditions of low interest rates and an increase in debt. When inflation rises, gold always rises: this is a historical correlation that can only be changed temporarily and artificially, which happened some time ago. The actual situation is that the demand for the asset remains high.

Last month, the GLD gold fund reported that investors acquired its $ 630 million worth of shares in just one day, a record since the beginning of the year. According to the World Gold Council, central banks bought $ 6.3 billion worth of gold in the second quarter of the year, which is also a very high figure. At the same time, there were practically no metal sales on exchanges, and they were carried out only using derivatives, and not physical gold. Thus, it is obvious that the demand for gold is huge, and in the near future it will lead to a continued increase in quotations.

Support and resistance levels

On the global chart, the price confidently consolidated above 1800. Technical indicators turned around and gave a buy signal: fast EMAs of the Alligator indicator crossed the signal line from the bottom up, and the AO oscillator histogram approached the transition level as close as possible.

Resistance levels: 1832.0, 1910.0

Support levels: 1795.0, 1750.0

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