Forex Brokers Award 2020
Vote your favourite broker
Trade 100 Bonus - the best offer on Forex market

Gold blasts above $1500 as bulls shift into higher gear

Aug 8 2019, 09:20 AM (+06) |



Gold leapt more than 1.5% to a fresh six-year high on Wednesday after three central banks cut interest rates in the face of slowing global growth and persistent trade tensions.


Unfavourable global macroeconomic conditions, US-China trade disputes and Brexit drama among many other geopolitical risk factors have accelerated the flight to safety. With central bank across the world joining the global monetary easing train, zero-yielding Gold is poised to perform incredibly well in this low-interest rate environment. The precious metal remains technically and fundamentally bullish and this continues to be reflected in price action.


Focusing on the technical picture, a solid daily close above $1500 is likely to strengthen bulls further and open the doors to $1530. Should $1500 prove to be a stubborn resistance, the precious metal is likely to retrace back towards $1490.

The FXTM brand was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions, advanced education and state-of-the-art trading tools in the forex industry. As a result of a continuous focus on localizing our products and services to suit each market, together with our successful collaboration with talented and experienced teams from all over the world, FXTM was quickly established as the global trademark it is today.