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Precious metals market actively looked for support


Yesterday was a very sad day for the precious metals market. Gold declined in price and has already reached the lowest level in the last two weeks. The reasons for what happened should be sought in gradually fulfilling hopes for a more accelerated recovery of the world economy, as well as in the conflict erupting between the United States and China. Economic growth pushes investors in the opposite direction from stable assets, to which it is customary to include the precious metals market.

The price of gold declined by 0.32% and reached the level of $ 1,705.79 per troy ounce yesterday morning. Gold support stood at $ 1,696.25 per troy ounce, while resistance stood at $ 1,742 per troy ounce.

At the same time, it is now extremely important that the price of precious metals not fall below the strategically important mark of $ 1,700 per troy ounce. If this happens, the decline will not only not stop, but will become even more serious, as speculators are more likely to leave the market sinking. The pressure will thus increase, and gold can make a very undesirable peak.

The political situation in the world, on the contrary, provides gold with a certain share of support. Tensions growing between Beijing and Washington make market participants anxious to protect their assets with the help of a "safe haven" of precious metals.

Despite two multi-directional trends, most experts are confident that the period of political instability will still put much more serious pressure on investors, which will inevitably lead to an increase in the price of gold, which is expected to happen in the near future. The decision of the American government to strike back at China in the form of a new package of sanctions can be a signal to this.

Meanwhile, palladium is becoming more expensive: it increased in price by 0.1% and reached the level of $ 1,957.88 per ounce. Silver also rose by 0.06%: its level was 17.11 dollars per ounce. At the same time, the cost of copper futures for July delivery slightly grew (by 0.04%), which sent it to the level of 2.413 dollars per pound.

The material has been provided by InstaForex Company -