Gold is considered as one of the most important safe harbors on the global forex market. Increasing concerns about Deutsche Bank's financial position, causes an increase in the demand for assets while bringing selling pressure. At the last days of September, the gold market have stopped its negative pressure, and started to experience a positive trend. At the same time, the data announced from the USA, described from personal expenses that support the development of other important stands out as the precious metal.
Technically, gold prices continued to congestion during the last days of September. If the prices can try the 1330 level in the first days of October, there will be a more positive trend on the global gold market. 1330 – 1333 and 1335 levels may be followed as resistance levels during the first days of the month. If possible drawdowns are exceeded in an attempt to 1315 USD, while the initial support level may be seen the 1322 USD level.
With the Deutsche Bank scenario, the gold market started to increase as a serious degree. In two weeks we'll see this week how much fund that has entries, but the part of hedge funds or investors from Deutsche Bank allocated gold as a safe port and they could have opted for similar products. For the last week, about 1% increase has recorded on gold ETF. Therefore, instead of a clear direction in the price of gold, there will be a fluctuation process for the beginning period of October.
General expectation: If the Deutsche Bank scenario turns into a political problem, there will be some strong purchases on the global gold market. The general appearance of gold market can be positive during the October.
Resistance levels: 1330 / 1332/ 1340 Support levels: 1320 / 1315 / 1310
- Date: 10 October 2016 Mon 01:06
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