The price of gold rises today. The price of futures contracts for delivery in August moved to the level of $ 1,774.75 per troy ounce, which reflected an insignificant but growth of 0.02%. The support of the precious metal was at around 1,728.30 dollars per troy ounce, and the resistance, in turn, moved to the area of 1,796.10 dollars per troy ounce.
Recently, there has been a surge in interest in buying gold on the market, which is due primarily to the difficult external economic and epidemiological situation in the world. Quiet Harbor is once again popular because extremely uncertain times are coming, requiring more deliberate and restrained decisions.
Thus, the buy signal forced the price of the precious metal to rise to the level of $ 1,773 per troy ounce. Moreover, further growth should continue, and no significant sales are yet to be expected.
On the other hand, quite serious problems were revealed in the spot silver market, which rapidly fell from the previously occupied level of 18–18.10 dollars per troy ounce to a new value of 17.65–17.55 dollars per troy ounce. Hopes for an immediate recovery are also not yet in the sight here.
As for the further trend in the gold market, for at least a week (that is, in the short term) it is worthwhile to be ready for continued growth and good strengthening of the precious metal. At the same time, its value during the session can vary from positive to negative. In general, the forecast can be considered neutral. In the long run, one cannot speak with confidence about a significant increase in gold: too many factors for the fall are not leveled by anything.
The cost of silver futures for delivery in July increased by 0.16%, which allowed it to go to the mark of $ 17.642 per troy ounce.
In contrast, futures contracts for copper for July delivery are down by 0.15%, pushing back their level of $ 2.639 per pound.
