5 Gold Analysts Shared the Next! – Cryptokoin.com

Gold prices rose on Tuesday as the dollar pulled back slightly. Traders are waiting for US Federal Reserve Chairman Jerome Powell’s speech later in the day for clues on future rate hikes following last week’s strong economic data.

“The downward movement in gold prices is more limited”

Spot gold rose 0.4% to $1,874.52 after hitting its lowest level since January 6 in the previous session. U.S. gold futures were also up 0.4% at $1,886.30. Yeap Jun Rong, market analyst at IG, comments:

Despite another round of bullishness in the dollar and yields, the downward movement in gold prices is more limited. This points to some stabilization efforts after the recent sales. With the Fed taking a data-driven stance to guide monetary policy, the risks of a hawkish reaction from policymakers to the latest economic data are on the table.

“Traders will look to gold as a safe-haven asset”

The dollar index fell 0.1% after hitting its highest level in nearly a month on Monday. A weaker dollar makes dollar-priced gold more attractive to buyers holding other currencies. Fed funds futures traders are seeing rates climb above 5% in May after a stronger-than-expected jobs report in the US raised concerns that the US central bank will likely keep interest rates higher for longer.

cryptocoin.comAs you follow, US Treasury Secretary Janet Yellen said on Monday she sees a way to avoid a recession in the US with inflation falling significantly and the economy staying strong, given the strength of the labor market. Gold prices had soared above the $1,900 per ounce threshold in January on hopes of slower Fed rate hikes, but prices have since declined. Phillip Streible, chief market strategist at Blue Line Futures in Chicago, comments:

Traders will look at gold as a safe-haven asset and buy it.

Gold

“Yellow metal heals its wounds”

Analysts say concerns about a slowdown remain and demand for gold is likely to remain on solid ground this year. OANDA’s senior market analyst Craig Erlam notes that gold is ‘healing up’ after falling almost 5% from its highs towards the end of last week. In a market update, the analyst highlights the following:

Gold was already looking overbought and was struggling to gain momentum in its latest rise. So it was potentially prepared for a fix. But the US employment data definitely got the job done.

“This situation caused the shock that gold investors feared”

Kinesis Money market analyst Rupert Rowling says precious metals prices soared above $1,900 and remained there for most of January, with the expectation that the Federal Reserve would soon end its rate hike policy to rein in persistent high inflation. However, Rowling states that things have turned around with the following statements:

The enormous positive employment numbers provided the shock that gold investors feared, as the strong state of the world’s largest economy gave the Fed much more room to continue its policy of rate hikes without fear of triggering a recession. Now with the possibility of further augmentation, gold has suffered from a lack of yield. It also made it less attractive during times of rising interest rates.

Gold

Gold faces roadblocks around $1,875

Here’s how technical analyst Sagar Dua looks at the technical outlook for gold. Gold price is facing bearish pressures above the critical resistance of $1,875.00 in the Asian session. The precious metal felt selling interest as the US Dollar Index (DXY) attempted a recovery after correcting near 103.10. The Dollar Index is expected to perform subversively as investors wait for Federal Reserve chairman Jerome Powell’s speech for fresh momentum.

The gold price has set a buffer after it renewed its monthly low of $1,860.00 on a two-hour scale. The precious metal dropped vertically after providing a breakdown of the Expanding Triangle chart pattern. Usually, a one-sided vertical drop will gradually return to the 20-period Exponential Moving Average for further guidance, which is around $1,877.25 at the time of writing. The Relative Strength Index (RSI) (14) is swinging in the 20.00-40.00 bearish range and still supports the downtrend.

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