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Thursday, 2 July 21:44 (GMT -05:00)

Stock and commodities markets

Gold Prices At Highest Levels Since 2013

The recent statements made by the governors and presidents of the world's leading central banks, including the Fed and the ECB, eventually resulted ingold prices making it over 1400 dollars per troy ounce. This means that the current price of gold is the highest one over the last 6 years. So, the bull market of gold is underway.
International experts say that the key reason for that is the so-called accommodation policy in the money-and-credit policies claimed by the ECB and the Fed, which also resulted in decreased interest rates. Apparently, the raising tension in the Middle East are only fueling the bull rally in the gold market. 
The other day, Donald Trump said he was ready to take revenge in Iran for shooting down an American drone. Fortunately, this decision was canceled at the last minute. However, the USA is reported to have made a couple of cyber-attacks on Iranian military missile facilities. 
Apparently, the gold rally has been backed by the increasing demand coming from emerging markets, where the consumer demand for jewelry is still high, not to mention the stable demand coming from their central banks that keep on loading up on gold. The rally is also back by the uncertainty over the prospects of the stock market after 9 years of uninterrupted growth coupled with the fears for another major recession in the global economy.

Is It Profit-Taking Time?


The current threats for the gold rally are the possibility of hawk signals from the Federal Reserve and the possibility of a major trade agreement between the UnitedsTates and China, which will eventually make the dollar stronger. Also, watching institutional investors in the gold market can also be beneficial for those interested in gold and its price prospects. The thing is that they have been going long on the gold ETFs to increase the trading volume by 3,5 billion dollars.
Technically, gold broke the entire area of long-term resistance between 1365 and 1375 just in a couple of hours. It's interesting to note that there was almost no taling profits right after that and gold continued its way up to new price highs. The next target for gold is 1520 dollars per ounce. Still, there's a high chances of gold starting a period of correction, maybe down below 1400 per ounce, with 1365 and 1375 acting as the closest levels of support.
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