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Gold hit a one-week high on Wednesday, continuing its recovery from the day before, reaching its seven-month low. The weakness of the US dollar largely contributes to
better performance of the noble metal.
Many investors and badysts are still worried that the rise in the price of the yellow metal will be limited, given expectations of a further rise in federal interest rates
USA this year.
The dollar index fell as the Chinese yuan rose for a second day. This occurred after the Chinese currency reached its minimum of 11 months and raised fears of capital outflows from
China and other developing countries.
Gold has declined in recent weeks and is awaiting key figures on employment and unemployment in the United States. Until then (Friday), the dollar should move relatively closely
range. According to market watchers, many people can draw their profits from the dollar and the gold.
Earlier this morning, the spot price of gold rose 0.3% to $ 1,256.20 an ounce after hitting a record high of one week at 1,261. , $ 10 an ounce.
The gold, however, was not the noble metal that recovered the most from its bottom (at levels of about $ 1,236 an ounce). In this role, platinum has turned out to be. After reaching the bottom
At levels of about $ 796 an ounce, the metal was strongly rebounding and trading at levels of about $ 840 an ounce.
The weakest was the restoration of money. The noble metal has found the psychological limit of 16 dollars, but it is extremely difficult for it to continue growing and to exceed
resistance level at $ 16.10 an ounce. This makes the metal likely to come back under the important psychological limit.
On the downside, silver should not fall below the low of November last year at $ 15.60 an ounce. If this happens, the prospects for metal appreciation will fall seriously.
On the other hand, the acceleration of money growth can only be achieved thanks to a sustained yield of more than 16.20 dollars an ounce.
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