According to official data on Wednesday, industrial production in Germany increases worries about a deeper production slump in Europe's largest economy.
Also, given the trade war and tensions between the United States and China and President Trump's emphasis on the dollar's depreciation and his pressures on the federal, the dollar may begin to decline and start a new downtrend.
It should also be noted that China and Russia have been the largest buyers of gold in recent years and have increased their reserves compared to previous years and this may be a vague indication of price growth.
Technically: Due to the downtrend of gold in the weekly timeframe, the support between 1436 to 1408 is very important and gold is able to continue its growth and it can achieve to the targets of 1584 this year and 1722 in the next year, if the tensions continue. Gold can initiate an erosional correction process in short-term timeframe and continues down to 1472 and most to 1436.
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