Dynamics

On Monday, October 12 and results of the auctions quotes for gold and silver have shown upward trends in price against the backdrop of the fall of the dollar in the currency market FOREX, and also because of the positive trend of the stock markets and adjacent areas.

As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes gold futures rose by 8.90 to 1057.50 dollars per troy ounce, quotes, silver futures rose 13 cents to 17.82 dollars per ounce.

Causes

On Monday, October 12 quotes for precious metals market with low trading volume showed upward trends in price against the backdrop of the fall of the dollar in the FOREX market because of increasing risk appetite in the closure of some commercial sites on the Occasion of the Day Columbus in the U.S., but also because of the positive trend of the neighboring markets, namely the rise in oil prices, and stock sites, where the stock indices closed in green zone amid expectations of favorable earnings reports of companies (3rd quarter). For example, Dow Jones industrial average was 9885.80 (20.86), Nasdaq Composite - 2139.14 (-0.14), SP 500 - 1076.18 (4.69). Silver futures followed gold prices.

What to expect?

According to many analysts and traders, the price of gold may continue to grow and set new records next week against the backdrop of the fall of the dollar in the currency market FOREX, as well as fears of accelerating inflation.

Why worry?

The main negative factors in the market of precious metals are a large number of open long speculative positions, and the technical picture, namely that the indicators are overbought in the deep zone, which in turn may increase the pressure on precious metals and re-throw quotes to strong Support for 1000 dollars per troy ounce.

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