Is it Green Light to put on the precious metals?
Gold prices continued with the upward trend this week, with the under-laying factor being a bet on the US Federal Reserve delaying an increase in the interest rates. Another factor is an observation that the other central banks have stacked more of the precious metal, in a report from the World Gold Council, central banks added 47 metric tons of gold to their reserves in August, following 62 tons added in July. Most of the analysts are in tune with the fact that there will be further official purchases as the time progresses.
Now the big question that analysts are asking is how high will the price of gold go? With it breaking a resistance point that it haven’t gone past for a while. It has also set a positive year end trend finish in three years.
This week gold has shown a positive trend. On the 12th October 2015, the price registered a high of $1164.90, on Tuesday it made a small percentage increase of 0.74%, registering a high of $1165.80. It made a huge leap from 13th to 14th of an increase of 1.23%, registering a high of $1180.10. On Thursday gold registered a high price of $1187.90, an increase of 0.66%. Today Friday 16th, the gold is at $1180.30 a small downward curve.
Silver’s current resistance level is at $16.15. Silver and gold prices have been seen to move in the same direction since their price is usually inversely related to the sentiment of the investors toward the dollar. The trend of the silver prices been upward too this week, with the prices opening at $15.8 and reaching a high of 16.17, It maintained the price at its resistance point from Wednesday 14th, to today, Friday 16th. At the moment the gold is at $16.04 and the trend seems to start an upward curve.
The latest trend has been fueled by a three week plunge in the US dollar. The dollar has fallen 1.9% so far this month and the trend doesn’t seem to reverse soon.
Bitcoin price this week broke past $260 and registered a high price in two months. The Coindesk Bitcoin Price Index, which has been on an upward curve since mid-September, saw a 2.5% increase for a day. The digital currency hit the $260, the first time since 16th August. It has since been dipping back into the $259 range. A sudden surge in bitcoin trading volume, was observed this week, driven predominantly by the Chinese exchanges Huobi, OKCoin and BTCC.
Litecoin, however, has restricted the BTC movement to volatile time by failing to keep up with Bitcoin, it has stalled at a mark just above the $3.00 mark for about a week. It has actually registered a negative in the past 24hours. As of today LTC/BTC rate has declined to 0.012.
BlackCoin made a small upward curve from Monday to Tuesday then a major downward curve closing the week at the price of 0.02539328 BTC.