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Gold may fall below $ 1,450

Despite the reduction in unemployment in Germany and the growth of GDP in the UK, the single currency and the pound are losing value. A lingering economic war and a recession in the global economy continue to bother financial markets, but not so much. Investors expect a positive result of the confrontation between China and the United States so defensive assets are becoming less attractive.

Economic calendar

From October 1 to the end of the week, China celebrates National Day, and therefore low trading activity is expected.

10:55 (GMT+3) Germany published the September index of business activity in the manufacturing sector (PMI). The indicator was 41.7, which is better than forecast and positive for the single currency (EUR).

11:30 (GMT+3) The UK will present the September index of business activity in the manufacturing sector. 47% will be positive for the pound (GBP).

12:00 (GMT+3) the eurozone will publish the consumer price index for September. Analysts suggest that the index will not change and will be 1%.

17:00 (GMT+3) The US will publish the September index of business activity in the manufacturing sector (PMI). The expected figure is 50.4.

Economic calendar Oct 1

Oil. On October 1, the oil began to recover on average by 0.3% after a maximum quarterly drop. In the morning, WTI crude oil is growing at $54.4. Brent futures are trading near $59.6.

Gold. Shielding metal has fallen significantly and could fall below $1,450. In the morning, gold is down -0.8% and is trading near $1459.

Currency. On Tuesday, the DXY dollar index continues to strengthen. In the morning, DXY is 99.5 against the basket of major currencies.

On October 1, the dollar is up 0.3% against the yen. In the morning, the pair USD/JPY is trading at 108.3.

Euro (EUR) again cheaper against the dollar. In the morning, the EUR/USD pair is down 0.1 and is trading near 1.0884.

Pound Sterling (GBP) fell on Monday. On the morning of October 1, the GBP/USD pair is trading around 1.2293.

Cryptocurrency. Bitcoin (BTC) began to recover on Monday after a long fall. On Tuesday, the BTC is trading around $8,434. In the morning, Ethereum (ETH) is trading near $181.7. The price of Litecoin (LTC) is growing at 1.1% and is $56.7.

 Trading Signals

(Interval one day)

  Signals oct 1 fx Signals oct 1 crypto

Important. This article does not contain any calls for transactions or trading recommendations. Traders are responsible for their decisions. The judgments presented here are the personal opinions of the author.