The last week of the past month was marked by the active growth of most precious metals. This did not prevent even the strengthening of the US dollar, experts say. They recorded attempts at a corrective decline in gold, which turned out to be not very successful.
On Wednesday, July 31, the quotes of the yellow metal rose and returned to the zone of long-term growth target at the resistance level of 1436.60. On Thursday, August 1, this trend continues.
In the process of another downward correction, the market showed a minimum of 1,411.09. Later, the goal of local growth at 1,433.39 was tested. Testing of local resistance at 1433.39 ended in a slight fall. Experts predict an increase in the local volatility of precious metal quotes. In this situation, gold is one way, which is upward to the maximum of 2011 and above towards the resistance level of 2205. This is calculated on the basis of the current market volatility, analysts believe.
On Wednesday, the market tested the upper limit of the keychannel and the breakthrough of which will continue to grow as part of an uptrend to the resistance level of 1920.75. The key channel of the market was the local range of the trend at 1411.09–1433.39. Gold prices remained in a narrow price segment from $1,431 to $1,412 at the end of July this year, but on the eve of the Fed meeting, quotations rose to a level of $1,428 amid low trade activity. As for the price of silver, it increased to $16,642 by the end of last month under the influence of continuous growth of long positions and investment demand in ETF-funds. Later, the price of the white metal went down to the level of $16,492 after the correction. The ratio of gold to silver declined to 86.87 points. Despite the small current instability, experts predict a further rise in the market of precious metals.
