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Wednesday, 1 July 17:05 (GMT -05:00)



Stock and commodities markets

Gold Prices May Decline


 

 

Yesterday’s European PMIs disappointed investors once again. The eurozone’s Manufacturing PMI came out worse than expected  - below 50 – which suggests further economic stagnation. The Services PMI stayed in the negative zone as well. Therefore, we can conclude that the eurozone has become a major destabilizing factor for financial markets once again.

 

 

 

 

 

 
China’s leading economic indicator showed some growth in March, which was less substantial than a month before. This may serve as another factor urging the People’s Bank of China to implement further monetary stimulation.
 
Some experts expect the FOMC to consider interest rate hikes during the forthcoming meeting.
 
In advance of the FOMC meeting investors prefer to switch from commodities, including gold and silver, to bonds. The uncertainty is supported by the eurozone crisis. Asian dealers keep reporting about the increasingly lower demand for physical gold.
 
According to the Commodity Trading Department of Masterforex-V Academy, gold is rallying. The closest levels of resistance are 1643-1645. If the price breaks above them, 1650 and 1658 will become the next levels of resistance. A failure to consolidate above 1643 will make the price rebound down to 1633, a break below 1632 will give way to 1625, 1610, 1595.
 
Silver is expected to test 31.0, and maybe 31.25. On consolidating below 30.7, the price may go down to 30.50, 30.0, and maybe 29.90.

 

 

 

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