As we enter a new week, gold prices experienced a sharp rise. It is thought that there are many developments behind this. It is noted that the meetings expected to take place this week and some geopolitical tensions have an impact on the price of the precious metal. So, which developments should be kept on the radar? cryptocoin.com We are giving the details as…
While gold prices are rising, the eyes of the market are on these developments.
An ounce of gold closed last week at $1,829. However, it opened Monday at just over $1,840. The reasons behind this increase are the investors’ desire to protect themselves from risk and developments such as the Ukraine tension. Gram gold is changing hands at 790 liras at this time. On the other hand, it is thought that the rise in the US 10-year bond yields towards 1.90 for a while may have also had an impact on the precious metal price.
On the other hand, as everyone knows, there is a meeting of the US Federal Reserve (FED) this week. At this meeting, which will take place on January 25-26, the Fed is expected to maintain its tight stance on monetary policy. However, it is possible for this tone to become more hawkish. In the past weeks, the Fed reiterated its determination to fight inflation and intervened and stopped the rise in bond yields. However, as we mentioned above, bonds rose again. The next resistance level for an ounce of gold is thought to be $1,877. As support, around $1,815 and $1,805 stands out. $1,800 is recorded as psychological support.
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