Gold prices rose on the first day of the new week. Thus, the retracement of gold, which has reached its highest level in the last two months in the past weeks, has been reversed. So, what levels are next? cryptocoin.com We convey the details as…
What levels can gold prices see?
Gold seems to have attracted some dip buying opportunity on the first day of the new week. The precious metal reversed much of the pullback from its two-month high the previous week. Economists at Canadian financial services firm TD Securities expect the yellow metal to consolidate around $1,830 this week. The market continues to display additional interest rate hikes by the US Federal Reserve (FED). Analysts of TD Securities used the following statements:
Money managers reduced their long position in gold holdings. While the market continues to be affected by a full 4 rate hikes priced for 2022 and additional Fed rate hikes priced with a rate hike close to March; precious metals look vulnerable to a consolidation following this significant shake in position. Next week, we expect gold to hold near the current $1,830 level and positioning to shift towards long positions.
At the time of writing, gold is changing hands at $1,840, up 0.4 percent. The gram price of gold is around 792 liras. As a result of the Fed meeting, which the market is eagerly waiting for this week, many experts think that the markets will take a more prominent shape.
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