GOLD - Deep reduction, long analysis
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Hello dear friends!
Today, the price of gold has made a slight adjustment and is currently trading at $1911 since the time of writing, a decrease of $18.48 or -0.96% for the day.
Last week, gold witnessed its best weekly increase since mid-March due to growing safe-haven demand amidst the ongoing Israel-Hamas military conflict. In the current politically unstable situation, investors are flocking to gold. Additionally, the US declaration of tightening sanctions on Russia's crude oil exports on Friday has caused oil prices to rise to $90 per barrel. I believe that oil prices will continue to rise, and the role of gold as a safe haven will help counter inflation, which is beneficial for gold.
For these reasons, gold buyers will continue to drive the price of gold higher in the near future, with a slight test of previously broken resistance levels before the upward momentum resumes. The expected increase is around $1952 - $1960.
Today, the price of gold has made a slight adjustment and is currently trading at $1911 since the time of writing, a decrease of $18.48 or -0.96% for the day.
Last week, gold witnessed its best weekly increase since mid-March due to growing safe-haven demand amidst the ongoing Israel-Hamas military conflict. In the current politically unstable situation, investors are flocking to gold. Additionally, the US declaration of tightening sanctions on Russia's crude oil exports on Friday has caused oil prices to rise to $90 per barrel. I believe that oil prices will continue to rise, and the role of gold as a safe haven will help counter inflation, which is beneficial for gold.
For these reasons, gold buyers will continue to drive the price of gold higher in the near future, with a slight test of previously broken resistance levels before the upward momentum resumes. The expected increase is around $1952 - $1960.
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