Gold holds top spot in buyers list
Publish Date : 2019/08/15 - 06:17

Gold traded at $1521 on Thursday amid worries about the global recession, which has had a major impact on the market.

Not only inversion of the US 2 to 10 Treasury yield curve, but 30-year low yields have provided support for gold.

Among the reasons investors are turning to safe assets are disappointing numbers on China's economic activity, the European Union, Hong Kong's political plays, and the shift of major world banks to monetary easing.

One of the challenging news in this area is also China's reduction in imports of gold from 300 to 500 tonnes since May 2019.

Traders of interest today are economic calendar reports including UK and US retail Sales, US industrial production, jobless claims, and Philadelphia federal Manufacturing Survey.

Technical: Gold will return to the bullish trend, and losses will be offset. After breaking the $1450 range, we've seen some improvement. Currently, the 1528/30 range can act as prior support as it is predicted that prices will hold initial tests.

Source: Fxstreet

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