Weekly gold market review, 05.11.14
It is time to summarize the results of October. The most successful period for gold was in the middle of the month. Already starting from October 8, when gold prices stabilized at the low resistance level of $ 1,219, the gold prices rose only. On October10 and 17, the price of gold rose to the strong level, first to $ 1,230 and then passed over the strong resistance level of $ 1,250, having reached a maximum of $ 1,254. One of the first impulses to that was the return of Chinese investors in the gold market. However, the increase in gold prices was also supported by the decline of the US dollar, the increased interest in India, the gold import and consumption in China, as well as the positive forecasts of many financial experts.
At the end of the month, on October 27, the price of gold fell to the support level of $ 1,226, and the market continued to remain near the resistance level of $ 1,230. On October 29, the gold prices consolidated in a narrow price range of $ 1,227-1,230. The physical demand remained high. The news on October 30 were unfavorable for the participants of the gold market. The value of gold fell sharply to the level of $ 1,200. Then there was a slight upward correction in the price. On October 31, the precious metals market fixed the minimum under the influence of the US dollar growing rate and the U.S stock market.
In general, the results of October 2014 did not meet the expectations and predictions of analysts due to the seasonality. However, by the results of the month, the gold price fell only by 3%. For the the gold market it is a small loss, considering the previous falls in prices in all precious metals markets.
Now the experts of the financial markets discuss the reasons of the price decline in October and forecasts for the next month.
Experts say that a reasonable investment in physical gold coins and bars are the best investment in the long run. Here there are some of the reasons:
It is clear that gold keeps the stable positions at the moment. The clients of the Emgoldex company already enjoys the moment, they buy gold in the reliable and profitable online store!
Share this important information with others. We want more people to know about this great possibility to preserve and increase their capital, buying gold bars in the online store of Emgoldex!
Category: Gold news Publication date: 2014-11-05 13:30
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