Gold prices remained stable above the key $1,800 level in international markets on December 27, while slightly weaker US Treasury bond yields offset the rise in the dollar. While gold investors are wondering how the yellow metal will close the year and start 2022, analysts are trying to determine the direction of prices. we too cryptocoin.com We have compiled analysts’ evaluations and forecasts for our readers.
“Gold has left behind a relatively difficult year”
Gold futures ended the day and week in positive territory ahead of the Christmas holiday on Friday, after several sessions highlighted by concerns that the spread of the coronavirus Omicron variant could affect the economic outlook in the new year. In the meantime, let us remind you that many global markets will be closed on Friday due to Christmas.
According to FactSet data, gold prices finished the week on a positive note with a 0.4% increase, recording their third weekly rise in a row. On the other hand, the precious metal is looking down 4.4% year-on-year so far. Peter Grosskopf, CEO of metal-focused investment manager Sprott, comments in a research report published Wednesday:
Gold left behind a relatively difficult year. More than anything else, gold prices were held back by fears of falling/rising interest rates and their positive knock-on effect on the US dollar.
Important technical levels to watch for gold prices
Manoj Kumar Jain of Prithvi Finmart Commodities Research says he expects the precious metal to remain volatile this week as well due to erratic trading in international markets, pointing to the following technical levels:
The yellow metal is expected to test $1,830. Support is at $1,800-1,788 and resistance is $1,822-1,834.
COMEX gold trading was little changed near $1,810 after gaining 0.4% last week. Gold prices look stable as they are stabilized by some recovery in the US dollar index (DXY) and stable equities, supported by virus concerns, growing inflationary pressure and slowdown in China. Ravindra Rao, CMT, EPAT, Vice President – Head of Commodity Studies, comments on the developments in the gold markets as follows:
ETF flows are also showing weaker investor interest. Gold may remain volatile due to a lack of fresh triggers and holiday-affected trades. However, we may not see a sustained increase unless the precious metal price exceeds $1,815 and the Fed’s monetary tightening expectations give support to the US dollar.
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