Commerzbank’s Daniel Briesemann said in his latest note that gold currently has no definite direction. The gold price has not fully recovered since the Fed-induced decline. Since then, the price has consolidated just below $1,800 and price action has remained lackluster. So, what levels can be seen now? cryptocoin.com We share the comments of Commerzbank analysts…
According to the analyst, Omicron did not raise concerns about the price of gold
According to Briesemann, “US labor market data was insignificant for the US dollar and gold price. They showed 534,000 new jobs in November, almost exactly in line with Bloomberg’s expectations. Moreover, it more or less corresponded to what the official US labor market report was expected to reveal when released tomorrow,” he said.
Therefore, the gold price hardly reacted to the data and defended its initial gains. The manufacturing sector ISM index, published in the afternoon, was also in line with expectations, so prices could not move. However, the price of gold fell again during the night. It’s trading below $1,780 an ounce this morning. Federal Reserve Chairman Powell confirmed what he said the previous day, that the Fed should remain vigilant about inflation and that it was appropriate to discuss whether to end tapering faster. It seems that the concerns about the new type of virus in the financial markets will not have any effect on gold.
Finally, the analyst pointed out that although the US Centers for Disease Control and Prevention (CDC) confirmed the first case of Omicron in the US yesterday and the variant continues to spread in many countries, gold is not in demand as a safe haven.
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