GOLD: a trading idea for 26/09/2023
Analysts at the Ameriprise Financial Inc. investment firm note that there is no correlation between the dynamics of gold prices and the interest rates set by the world's leading central banks. These indicators are currently at their highest levels since the 2008 crisis.
However, gold prices are still near their all-time highs, which suggests that large institutional investors may be anticipating rising inflation and a recession in the US economy. In addition, various central banks are actively buying gold to increase their reserves.
Considering these developments, it is interesting to look at the performance of gold mining companies. Today, our focus is on the Barrick Gold Corporation chart (NYSE: GOLD), which operates precious metal mines in 13 countries worldwide.
On the D1 timeframe, resistance has formed at 16.81, with support at 15.91 which was broken through on Monday 25 September 2023, and a new support level has not yet been established. There is also a clear downward trend on the H1 timeframe. The price can increase to 16.55 in the short term and to 19.45 in the medium term.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.87% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
However, gold prices are still near their all-time highs, which suggests that large institutional investors may be anticipating rising inflation and a recession in the US economy. In addition, various central banks are actively buying gold to increase their reserves.
Considering these developments, it is interesting to look at the performance of gold mining companies. Today, our focus is on the Barrick Gold Corporation chart (NYSE: GOLD), which operates precious metal mines in 13 countries worldwide.
On the D1 timeframe, resistance has formed at 16.81, with support at 15.91 which was broken through on Monday 25 September 2023, and a new support level has not yet been established. There is also a clear downward trend on the H1 timeframe. The price can increase to 16.55 in the short term and to 19.45 in the medium term.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.87% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.