Gold Could Drop To These Levels For The Rest Of The Week!

After giving up its early gains after the pessimistic US economic data and the general decline in global stock markets, gold closed with a decline on Tuesday, but at the time of writing today, 1.30% increases broke the 1.830 resistance and reached $ 1.836. However, there are also analysts who think that gold can move towards $1,800 in the weekly projection.

“We believe the gold price will test the $1,800 level”

James Hatzigiannis, chief market strategist at Ploutus Capital Advisors, stated that the gold price fell due to rising bond yields in the US and Germany, where bond yields were close to positive for the first time in three years:

The combination of a rising dollar and rising interest rates makes gold unattractive.

Still, James Hatzigiannis notes that prices have seen a nice uptick after the release of disappointing Empire State Manufacturing data.

cryptocoin.com As we reported, gold investors have been keeping a close eye on inflation concerns and movements in the US dollar, where commodities are priced, in recent weeks. Investors expect a rise in inflation will prompt the Federal Reserve, which is struggling with price pressures, to raise interest rates at least three times this year. James Hatzigiannis comments:

Looking ahead, there are key inflation figures from the UK, Canada and Europe to look out for this week, as well as US housing demand data. We believe gold will test the $1,800 level this week. The overall consensus is negative for this week as we think inflation concerns will rise, causing interest rates to rise and the dollar to strengthen, which will make other safe-haven assets more attractive.

Chintan Karnani of Insignia Consultants states that changes in bond yields and the US dollar index (DXY) will continue to affect the gold price until next week’s Federal Reserve monetary policy meeting.

Contact us to be instantly informed about the last minute developments. twitterin, Facebookin and InstagramFollow and Telegram and YouTube join our channel!

Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.

Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.


source site-2