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08.04.2014 15:20

Gold: an overview of the market situation

Gold prices rose more than 1 percent, which was due to technical purchases after overcoming the $ 1,300 mark , and the weakening of the dollar before the publication of minutes of the meeting FOMC. Also contributes to increasing the attractiveness of the precious metal rising tensions in Ukraine, where pro-Russian activists in Donetsk declared their independence from Kiev.

Precious metals received additional support after the Central Bank of Iraq said it would not buy more gold in the next few months, after having bought 60 tons in the past two months.

The technical picture seems improved over the past few sessions after prices crossed the $ 1,300 mark , but overcoming resistance at $ 1322 could signal "reset" and increase the downward pressure .

However, the positive trend of gold is caused by lack of active sales of gold bullion ETFs . Note that the assets of the world's largest holder of gold investment institutions ETFs SPDR Gold Trust since April 4, 2014. remain at the level of 809.18 tons.

We also add that the real market demand recovered somewhat as Chinese trade markets opened after the holiday.

The cost of the June gold futures on the COMEX today rose to $ 1308.70 per ounce.

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