Gold finally gained momentum for growth. Top quotes precious metal pushed the decision of the Bank of China to devalue its currency. Within two days of the yuan to the dollar was dropped by a total of 3.52%. Such actions have provoked a growing interest in safe assets. In addition, the situation in China is beginning to cause some doubt as to whether the Fed will raise rates in September, and even that will be decided on this step in December. For gold, which brings interest income, such restraint American regulator can be quite a positive signal.
In the area of 1120.00 level gold formed a resistance. In fact, this is the maximum for the last 3 weeks. If this barrier is overcome, can be activated the “bulls“, which will lead to further growth in demand for gold and precious metal will allow continued growth. If only it is not the Fed intervene with aggressive comments about the prospects for monetary policy.
|Gold futures chart|