Gold Prices Are At These Levels Until Next Week!

Gold prices hit two-month highs on Thursday and are still fluctuating slightly below that level on Thursday, as US Treasury yields slumped and the dollar boosted investor interest amid concerns over inflation and geopolitical credit support. cryptocoin.com We have compiled analysts’ market assessments and gold technical analyzes for our readers.

Did gold prices rise with safe-haven demand?

“We are looking for a respite this morning after yesterday’s gains,” said Ricardo Evangelista, senior analyst at ActivTrades.

These gains are a result of the market looking for what we’ve been waiting for for some time and using gold as a hedge against inflation.

Ricardo Evangelista states that the increasing geopolitical instability, especially due to tensions between Russia and Ukraine, also supports gold.

Reflecting investor sentiment, holdings of SPDR Gold Trust, the world’s largest gold-listed exchange-traded fund, rose 0.5% on Wednesday. The dollar was sluggish as US benchmark 10-year yields pulled back from two-year highs. The US Federal Reserve, which will meet next week, is expected to tighten monetary policy faster than previously thought to rein in inflation, according to a Reuters poll.

Ed Moya: Fluctuates between $1,800 and $1,840 until Fed meeting

Ed Moya, a senior market analyst at OANDA brokerage firm, says the drop in interest rates is causing a technical break below, but it could be traded in the $1,800 to $1,840 range overall until the US Federal Reserve meeting next week. Ed Moya also states that gold could find support from geopolitical tensions around Ukraine and the Middle East.

Gold prices

Earlier in the day, US Secretary of State Antony Blinken said that Russia could launch a new attack on Ukraine in a very short time, but Washington will maintain diplomacy as long as it can. The yellow metal also benefited from its appeal as a hedge against inflation as oil prices rose to their highest level since 2014, fueling concerns that price pressures could intensify. In a note, Commerzbank analysts noted that the rally in the previous session may be related to supply concerns stemming from Russia-Ukraine tensions.

Gold now targets $1,877, according to Pablo Piovano

Open interest on gold futures markets rose for the third consecutive session on Wednesday, this time up by around 16.9k contracts, this time taking into account improved figures from CME Group. Instead, volume widened volatile activity and shrunk to around 68.6k contracts.

Gold prices

According to market analyst Pablo Piovano, Wednesday’s strong rise in gold prices was in line with rising open interest rates that continue to support extra gains in the very near term, with the next target for November 2021 being $1,877 (November 16). However, the analyst states that this potential move can be quite bumpy, as evidenced by the drop in volume.

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