CME Group announced new targets for gold prices. According to experts working at CME Group, $1,850 in gold price is currently a psychological target. On the other hand, it is stated that there is support behind ounce of gold along with inflationary pressures and geopolitical troubles. cryptocoin.com We convey the details as…
There are these developments behind the gold
Gold is changing hands at $1,826 at the time of writing. According to experts, currently the support is around $1,787 and the resistance level is around $1,834. It is stated that the geopolitical tension between Russia and Ukraine is seen as a catalyst for gold, which is seen as a “safe haven”, while the concerns about the persistence of inflation are said to have a positive effect on the price of the precious metal.
However, the expectation for an interest rate hike at the US Federal Reserve (FED) meeting, which is expected to take place in March, is quite common. This situation is expected to limit the increase in gold due to the expectations for the FED rate hike. There are also those who think that the expectations of the markets that the FED will follow an aggressive monetary policy have already determined the prices.
CME Group conveyed its targets for gold prices
According to experts, the bulls seem to have the advantage from a technical standpoint. However, this is reported to be valid in the short term. According to CME Group, the $1,850 level, which is seen as quite difficult to break, appears as a psychological target. On the other hand, it is reported that the next level to be focused on by the investors who are on the rise under it will be $ 1,856, which is mentioned as a strong resistance level.
It is stated that the following resistance may be $ 1.863, while it is thought that as long as $ 1.834 is not exceeded, a decrease can be experienced, and $ 1.803 and $ 1.815 can take a position as support levels. According to CME Group, those who expect a decline in gold claim that a larger decline may occur. It is stated that gold “bears” may aim to break below the December low and support level of $1755.40. According to ANZ analysts, an ounce of gold will end the first three months of the year above $ 1,800.
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