20.09.2016 - We expect a strong price movement of gold after consolidation
The gold price is consolidating around the level of 1315 dollars per troy ounce amid expectations of tomorrow's publication of the Fed on monetary policy. Tightening of monetary policy on the one hand reduces the attractiveness of gold compared with instruments that generate interest income, but at the same time - increases interest in defensive assets. Growth in demand for physical gold is growing before the festive season in India and China, which begins the fall and leads to an increase in jewelry sales. The fall in the near future is limited by the psychologically important level of support at 1300 dollars per troy ounce, and we expect growth of quotations in the near future and medium term, with the objectives of 1400-1430 dollars per troy ounce.