Azerbaijani analysts talk about gold price correction and further increase
BAKU, Azerbaijan, March 9
By Eldar Janashvili – Trend:
The correction of the price of an ounce of gold was observed on the non-ferrous exchanges after it reached $1,700 ($54.8 per gram), reads the weekly summary of the Azerbaijani InvestAZ investment company, Trend reports on March 9.
In accordance with the analysis, if the price remains above $1,642 ($52.8 per gram), further rise in price may be observed.
InvestAZ analysts also described the situation in the international financial markets and made the short-term forecasts.
The price of a barrel of Brent crude oil at the energy exchanges has fallen up to $31 per barrel and it is projected to continue to fall in price as long as it remains below $37 per barrel.
The main reason that influenced and continues to influence the price drop is the inability of Saudi Arabia and Russia to agree on further reduction of oil production in the fight against the production of cheap shale oil on the market amid the expiration of all agreements at the end of the month.
The EUR / USD exchange rate continues to grow in anticipation of the announcement of the interest rate decision on the international currency exchanges on March 12 by the European Central Bank. While the risks in the global economy are growing, the bank may further soften its policy to support the Eurozone economy. As a result, the EUR / USD exchange rate may again begin to fall in price.
From this point of view, this week special attention will be paid to the important indicators of economic development in the Eurozone on March 10 at 14:00 (GMT+4).
The GBP / USD exchange rate also continues to grow in anticipation of the announcement of the new budget by UK’s government on March 11. The GBP / USD exchange rate continues to rise before the new budget, which UK’s government will announce on March 11.
On the same day, indicators of economic development, industrial production and trade, which will also affect the currency changes, will be disclosed at 13:30 (GMT+4).
The USD / TRY exchange rate continues to fall in price. In accordance with the analysis, the USD / TRY exchange rate may slip 6.2 and rise up to 6.25 Turkish lira per $1.
The above mentioned data are completely recommendatory in nature. Operations on this type of activity are included in the high-risk group, and InvestAZ CJSC, based on all above mentioned, doesn’t bear any responsibility for ongoing investment operations.
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