Analysts, pointing to macroeconomic data for the gold price in general, predict an increase in the long-term as inflation concerns become evident. However, it is thought that gold may be suppressed after the US Federal Reserve’s interest rate hike, which is expected to be announced in March. However, there are some who argue that this expectation has already been priced in the market, that is, there will be no change in March. So, what are the general expectations? cryptocoin.com We transfer as…
Critical levels set for gold price
Analysts state that macroeconomic developments in general, current Ukraine-Russia tensions and inflation concerns affect gold prices. It is thought that the increase in the stress level in the market also has a positive effect on the precious metal price. Because in such cases, it is stated that gold is seen as a balancing element. Experts think gold must climb above $1,820 to surpass its current levels, followed by the $1,838 and $1,851 resistance levels.
Meanwhile, UK-based Sucden Financial stated in its quarterly report that the volatility in gold will continue. However, it is reported that the support levels will be preserved, that is, gold will continue to move in a small range. In the report, it is stated that gold may strengthen due to inflationary pressures and the failure of central banks to reduce their money printing. It is thought that gold will move in the range of 1,720-1,880 dollars due to factors such as the loosening in production prices and the decrease in bond purchases in the USA.
What is the latest situation in prices?
As for the prices, the prices are flat. Investors had predicted that the precious metal could be affected if the US non-farm payrolls data, which will be released on Friday, came out as unexpected. According to the statements, the data came out above expectations, but gold continued its horizontal course. An ounce of gold closed the week at $1,807 levels. The precious metal has been trading below $1,810 for about ten days. Highs of $1,847 were last seen on January 25 during the US Federal Reserve’s interest rate meeting. Gram gold is changing hands at 787 liras with an increase of 0.08 percent. The gram price of gold continues to move towards the 790 lira band after seeing local lows of 768 lira on Monday, January 31, 2022.
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