Will the gold price still have a chance to rise again?
Updated
Greetings, esteemed acquaintances! I am curious to hear your thoughts on the trajectory of gold this week. Will it ascend or descend? Allow me to share my insights.
At present, gold is being traded at a mere 1888 USD per ounce and appears poised for further decline in the foreseeable future. This can be attributed primarily to the Federal Reserve's persistent increase in interest rates, exerting significant pressure on the market value of gold during this timeframe. It seems that gold is actively seeking a secure haven in which it can establish a new nadir.
In the event that there is no substantial rebound above $1,905 per ounce early next week, we may consider this as indicative of an enduring downtrend configuration for gold prices.
At present, gold is being traded at a mere 1888 USD per ounce and appears poised for further decline in the foreseeable future. This can be attributed primarily to the Federal Reserve's persistent increase in interest rates, exerting significant pressure on the market value of gold during this timeframe. It seems that gold is actively seeking a secure haven in which it can establish a new nadir.
In the event that there is no substantial rebound above $1,905 per ounce early next week, we may consider this as indicative of an enduring downtrend configuration for gold prices.
Note
Of more than 940 survey respondents, the odds of gold price rising and falling are approximately the same, with 44% predicting the price will go up while 41% predict the opposite. Only 140 people, or 15%, have a neutral opinion.Note
Trading on the market fell sharply, investors were afraid. SPDR Gold Trust, the world's largest gold exchange-traded fund, reduced its gold reserves to its lowest level since January 2020.Note
This week, before the annual meeting of the Federal Reserve (Fed), gold prices are expected to remain relatively stable with minimal fluctuations.
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