GOLD – The latest moves and events

Traders Den

What’s happening in the markets? Exness has put together some of the most important news and events that may affect your trades in the near term.

China’s Government Curbed Gold Imports. How Will It Shake Gold?

  • Based on World Gold Council data, China has been one of the most prominent Gold miners globally. At the same time, China has added its gold reserve for nine straight months.
  • However, the government decided to curb gold imports which caused a premium on its gold spot. Shanghai’s spot price was 40 USD per ounce, more expensive than London’s.
  • Meanwhile, the Fed will release its official meeting minutes, giving the market details of the trajectory.
  • From a technical perspective, Gold declined and retested its support at 1,900 USD per troy ounce.
  • If Gold bounces from the current level, it may increase its possibility of forming a potential reversal pattern.
  • On the contrary, breaking 1,900 USD per troy ounce may indicate a potential continuation to 1,867 – 1,884 USD per troy ounce.