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Weekly gold market review, 21.11.14
Already from the beginning of November, the market situation reminds the period of "gold bugs" that existed in the 90s, this situation does not suit to many gold investors, and many of them have turned away from the yellow metal for an indefinite period of time. Now the price of gold is 4% lower than it was at the end of 2013. This means that the reduction of the value of gold is possible by the end of year again. The last time such figures were observed was in 1997, due to the growth of the US dollar and low inflation. However, now there is a completely different situation because of geopolitical tension.
So, maybe right now it is the right time to buy gold?
By the results for November 7, the price of gold set a new low of $ 1,130.4. According to analysts, in the case of continued growth of the US dollar, this level could reach $ 1,100, which will be a critical indicator. This will result in the fact that producing gold would be an unprofitable business. This can cause a sharp increase of gold prices in the nearest future. Even now, the stabilization of the US dollar has already not so strong impact on the value of the yellow metal.
Not only the price of gold reached its lows. Results for November 10 revealed that other precious metals markets continued to decline as well, and many have also reached their lowest point together with the decrease of the US dollar rate. Analysts began to look at gold prices much more positively than at the beginning of November. According to experts, the preservation of capital in gold makes it possible to protect their funds from weakening of the Russian ruble, and from the uncertainty of the US dollar.
By the results for November 14, the price of gold fell to $ 1,148, and then rose to $ 1,152. The reason for that could be another increase in the dollar and the US stock market. At the same time, the Government of India spoke again on limiting gold import into the country. On November 14, the nearest support level was in the range of $ 1,140-1,148, and resistance level was $ 1,155-1,167.
However, the results for November 17 showed that the whole week was successful for the gold market. The price of gold increased by almost $ 20 and reached the level of $ 1,188. Experts attribute this to the investors' negative points of view in respect of the important economic data of the USA in the coming days.
It is obvious that gold is now in the stable position. The customers of Emgoldex already enjoy this situation as they buy gold in the reliable and profitable online store of the company!
To buy gold, you should visit the online store:
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Category: Gold news Publication date: 2014-11-21 12:39
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