16.04.2014 - Traders decided to fix positions in gold
The price of gold dropped sharply during yesterday's session. The tense situation in Ukraine is already in prices and quotations of the metal fell on technical factors. Thus, the price broke the lower boundary of the local rising channel on after the release of statistics on inflation in the U.S. and the UK. An additional reason for the decline was closing of positions before the long weekend, which resulted in triggering of stop-loss.
It should be noted that demand for the metal remains weak on Asian markets and positive reports of U.S. corporations increased appetite for risk. We expect the resumption of sustained growth after the end of the reporting season in the U.S. and keep a long-term positive outlook for gold.
Wish you the profits!
FXFINPRO Capital Analytical department.