Gold is resisting breaking the trendline in the bull market. Strategists at TD Securities expect the yellow metal to trend lower through July, with $1,745 removed. cryptocoin.com We convey the comments of analysts…
TD Securities analysts shared their expectations for the gold price
According to analysts who talk about a certain formation in gold prices, factors such as the expectations of the US Federal Reserve (FED), which will follow a firmer stance, are effective in the markets. Investors are expected to find significant volume keeping prices from falling below the bull market-era trendline, including a drop after the Fed meeting last week.
According to TD Securities, this sets the stage for another position tightness. However, this time, the bar is thought to be high enough to see a significant compression, indicating that macro winds will eventually suppress gold. About five months later, gold’s break below $1,745 an ounce in July could create a sustained downtrend in the yellow metal, according to analysts. Analysts use the following statements:
While official central bank assets do not show a sustained buying trend, it seems likely that bids for this situation have been made in recent weeks. However, with Shanghai vulnerable in the wake of the Chinese New Year, the position squeeze is unlikely to gain further support given the bar has been raised for a buying plan.
What is the latest status below?
Gold prices held high on Wednesday ahead of strong US inflation data expected this week, as higher US Treasury yields kept bullion gains in check. The value of gold rose 0.1 percent to $1,826 an ounce. In the morning, it reached $1,828, the strongest level not seen since January 26. US gold futures held steady at $1,828.10. January inflation data in the US will be released on Thursday and expectations are for an annual increase of 7.3 percent.
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