After experiencing a lot of uncertain issues in the world market, the Gold market were following positive trend during the month. We can say the Gold market started to lose momentum after the French elections. Firstly, if we look at the seasonal movements of gold market, after April, we see that Gold continues to move downward in a horizontal band in summer. This time the situation is different from the beginning of April with the search of the safe harbor of the market went up with gold and dollar together. Nevertheless, we believe that the gold dollar reversal will come into effect again in the coming weeks.
After the first round of the French elections, Gold prices fell to 1265 USD with risk appetite in the markets.On the other hand, political risks, which seem to be the backbone of the market for the time being, may come back in the coming weeks. For this reason, the gold investor does not want to move away from the market even if the position decreases according to the developments. According to the financial specialists, the 1240 USD level will be a critical support level if the prices want to stay over the valueable positions for the global gold market.
- Date: 25 April 2017 Tue 08:37
- Last Added
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