Gold prices under pressure from profit taking
Updated
At the beginning of the trading session on January 13 (US time), the world gold price fell sharply due to the high demand for profit-taking in the market after the price increased continuously in recent sessions. In addition, the USD also increased sharply. The DXY index reached 109.9 points, the highest level in 2 years.
However, according to analysts, in the last sessions of last week, the gold price continuously approached the level of 2,700 USD/ounce, showing positive signals for the precious metal in the future, despite the great resistance of the recovering USD and the rising US Treasury bond yields.
It can be seen that in the context of many factors against gold, gold is supported by the hedging tool of inflation, financial market fluctuations, economic and geopolitical tensions.
The latest survey results from WisdomTree, an American asset management group, show that the main purpose of using gold in investors' portfolios is "diversification" to spread risks, helping to minimize potential risks in other investments.
However, according to analysts, in the last sessions of last week, the gold price continuously approached the level of 2,700 USD/ounce, showing positive signals for the precious metal in the future, despite the great resistance of the recovering USD and the rising US Treasury bond yields.
It can be seen that in the context of many factors against gold, gold is supported by the hedging tool of inflation, financial market fluctuations, economic and geopolitical tensions.
The latest survey results from WisdomTree, an American asset management group, show that the main purpose of using gold in investors' portfolios is "diversification" to spread risks, helping to minimize potential risks in other investments.
Trade active
XAUUSD SELL 2675 2677
TP1: 2665
TP2: 2655
TP3: OPEN
🚫 SL: 2685
Trade closed: target reached
+ 150 Pips Close Note
Note
In 2024, the greenback will increase sharply, overwhelming most other major currencies. In 2025, the world will likely witness a recovery of many currencies. The trend of reducing USD reserves and increasing holdings of other assets will also put pressure on the USD.
Mr. Trump himself has always defended the position of the USD but also does not like an overly strong currency, which often makes it difficult for US exports. Mr. Trump believes that interest rates in the US are currently too high and need to be cut sharply.
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