AZƏRBAYCANDA KORONAVIRUSLA BAĞLI XƏBƏRLƏR

Azerbaijani analysts: Gold prices may break seven-year peak

Azerbaijani analysts: Gold prices may break seven-year peak

Economy
28 April 2020, 11:18 110
The presence of political and economic risks in the world leads to the fact that demand for gold in the non-ferrous metals markets remains relevant, maintaining the price of $1,660 per ounce ($53.4 per gram), Trend reports citing the weekly review of the Azerbaijani InvestAZ Investment Company.
In short term, an increase in the price of an ounce is expected to reach $1,723 ($54.4 per gram). If the maximum for the last seven years breaks, the price can reach the value of $1,796 ($57.8 per gram).
Analysts of the InvestAZ also presented data on the situation in international financial markets and short-term forecasts.
Euro
As the EUR / USD stays below $1.09 per euro, the likelihood that it will fall in price to $1.06 per euro also remains strong.
Important fundamental data, among which the focus will be on particularly important statements by US and European central banks about future monetary policy, will be published this week.
British pound
The price of the pound, which faced resistance at $1.25 and $1.24 last week, could drop in price even more - to $1.22 per pound.
Despite the fact that important indicators related to the British economy are not expected to be published this week, future oil prices on energy exchanges will also be in the spotlight in terms of their impact on the GBP / USD rate.
Turkish lira
The USD / TRY rate, which has been hovering at its maximum for the last year, also continues to rise, and so far remains above the support level. The rise in price can last up to 7.1 Turkish lira per dollar.
Nevertheless, it is expected that inflation forecasts, which will be published next week, will show that prices in the country will not rise, which may lead to a weakening dynamics of the cheapening of the lira.
Oil
Negative disclosure of fundamental indicators for the global economy puts pressure on oil prices on energy exchanges. So, the price of a barrel of Brent oil is currently trading at $21 and is facing strong resistance at $23. It is expected that the future trend will depend both on economic statistics, which will be released within a week, and on indicators of oil and gasoline reserves in the US, which will be published at 18:30 (GMT+4) on April 29.
Attention: The above data are completely recommendatory in nature. Operations on this type of activity are included in the high-risk group, and the InvestAz, based on the foregoing, does not bear any obligations for ongoing investment operations.