Gold prices were stuck in a tight range on Tuesday as the slightly weaker dollar responded to the improvement in risk sensitivity, and the rise in cases linked to the Omicron coronavirus variant remains a worry for investors. So, what levels are next? cryptocoin.com We convey the comments of analysts…
Analysts drew attention to these developments in the price of gold.
The US dollar index lost ground overnight after a blow to Democratic spending plans in Washington and remained below its recent highs. “Investors in gold lack what it takes to take losses of any kind, as evidenced by recent rapid pullbacks on rallies above $1,800,” said Jeffrey Halley, senior market analyst at OANDA. Noting that gold lacks the current momentum to exit intermittent trading, Halley added that it “has become a somewhat forgotten asset class by the end of the year.”
Asian stocks rose on Tuesday and Chinese markets applauded Beijing’s effort to help troubled real estate firms, while rising cases of the Omicron variant remained a cause for concern for investors. Many countries are on high alert for the spread of the virus, just days before Christmas and New Year’s celebrations, as the recent health crisis has also negatively impacted financial markets and impacted the global economic recovery.
On the other hand, futures and commodity markets specialist Zafer Ergezen, looking at macro developments such as Omicron and the Fed’s decisions, stated that $ 1,796 an ounce is important at the moment, and he expects the upward trend to continue as inflation fears increase in the USA and around the world. He thinks that if the employment data from the USA does not meet the expectations, it can be retested at $ 1,770 and $ 1,750 per ounce. He states that he does not expect a move that will break the trend between the 1.750 and 1.832 band. He stated that the predictions of $ 1,500 and $ 2,200 dominate the 2022 forecast, but the investor movements will determine this.
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