افزونه جلالی را نصب کنید. 25 جماد ثاني 1443 Friday, 28 January , 2022 ساعت ×
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    gold price fell after 10 weeks

    شناسه : 27290 16 شهریور 1399 - 10:04
    According to the ounce price trend on Friday, gold, after 9 consecutive weeks of rising, left last week behind the price drop. The global ounce, which had risen for nine consecutive weeks and during which it was able to break its record high of $ 1921 and enter its third millennium with great strength, last week faced a negative correction of a negative price of 4.29 percent.
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    Nevertheless, market experts still consider the behavior of gold in the short term to be based on price correction. Analysts forecast gold price volatility in the short term between $ 1,900 and $ 1,950. In the event of this scenario, gold support lines are estimated between $ 1875 and $ 1880.

    Gold traded relatively lightly lower on Friday, hitting $ 1950.

    According to the ounce price trend on Friday, gold, after 9 consecutive weeks of rising, left last week behind the price drop. The global ounce, which had risen for nine consecutive weeks and during which it was able to break its record high of $ 1921 and enter its third millennium with great strength, last week faced a negative correction of a negative price of 4.29 percent.

     

    *** The next station of market volatility

    The rise in US Treasury bonds on Friday and the correction in the price of the yellow metal were among the main reasons that analysts cited as the main drivers of the devaluation of gold. This is the highest drop in the gold price since March this year. Although analysts still believe that the upward trend in gold will continue in the long run, it is likely that gold will continue to correct in the short term. In the event of this scenario, some analysts have set the $ 1875 price line as the gold support line. The release of China’s economic data in July also shows that while the country’s economy is on the path to recovery, the pace of economic recovery in some respects is not what economists expect.

    Experts, on the other hand, say that with the approach of the US presidential election in November, the markets will enter a volatile period.

     

    *** Increasing the rate of treasury securities

    Analysts cited rising US Treasury yields as one of the reasons for the pressure on the ounce price on Friday. After the US Treasury Department increased the supply of bonds last week, as the price of these bonds decreased, the 10-year yield of these bonds increased by 0.15% in the past week. Increasing the rate of return on securities increases the opportunity cost of holding non-performing assets such as gold.

     

    *** Two agreements with different effects

    On the other hand, markets are now paying attention to the stalemate in the Washington talks on the support package, as well as the new round of Sino-US talks. The conclusion of each of these agreements can have different effects on the ounce price trend. White House officials agreeing with Democratic lawmakers on the anti-Corona support package could be good news for Ounce. If the new support package is approved, the volume of liquidity injected into the US economy will increase again, and in the face of inflation, investors will be more willing to buy assets such as gold. As a result, Republicans and Democrats’ agreement on the terms of the new package could end in gold.

    The second negotiations that have focused on markets, including gold, are the negotiations between China and the United States. Last month, tensions between the two major poles of the world economy rose again. Diplomatic tensions escalated to the point where both countries closed one of their consulates. The effect of the forthcoming US-China talks on the first phase of the trade agreement is the opposite of the direction of the Washington talks. Any agreement between the two countries that would reduce tensions could be to the detriment of gold. In general, when the level of economic and geopolitical uncertainties increases, investors’ willingness to buy risk-free assets increases. In any case, market participants are now eyeing the outcome of these two negotiations.

     

    *** Gold Support Line

    Most analysts believe that the long-term picture of gold and the possible uptrend of this precious metal remains intact even after the recent price reductions. This argument is based on the fact that the main factors that have caused the record-breaking gold in recent months are still present in the markets.

    The weakening trend of the US dollar, the volume of support packages and the unprecedented inflow of liquidity into the markets and the expectation that interest rates will remain low for a relatively long period of time are the factors that are still present in the markets. gold price has grown by more than 28% in value since the beginning of this year; The significant increase due to the implementation of unprecedented support packages against the economic damage of the corona by central banks and on the other hand is a kind of warning signal for possible inflation and devaluation of currencies such as the dollar.

    Nevertheless, market experts still consider the behavior of gold in the short term to be based on price correction. Analysts forecast gold price volatility in the short term between $ 1,900 and $ 1,950. In the event of this scenario, gold support lines are estimated between $ 1875 and $ 1880.

     

    *** Decline in global indicators

    Most important indicators of the stock market fell on Friday. Global market analysts have cited two main reasons for China’s weak economic data and the possible delay in agreeing on a new bailout package in Washington on Friday.

    European indices were among the indicators that experienced a steady decline in stock values ​​on Friday. The bad news that hit the markets yesterday was the decision of the British government to increase the travel restrictions of some European countries to this country due to the increase in the number of people with coronary heart disease. The European STOXX 600 index fell 1.26 percent to 367.8 on Friday.

    However, the index rose for the second week in a row. This index has increased by more than 3% in the value of the index in the last two weeks. The MSCI Global Index also fell 0.07 percent on Friday. However, this index, which includes a large number of stocks from 23 countries

    It reflects the general situation of stock markets in different countries and also had an upward trend for the third consecutive week. This shows that the stock market situation has been relatively good in recent weeks.

    Market analysts believe that markets will once again turn their attention to major players. In fact, markets should be constantly tracking economic statistics to see if the economic recovery is a sustainable one. The answer to this question can largely determine the future trend of markets. Stock market analysts, on the other hand, have warned that with the US presidential election approaching, markets are likely to enter a period of high volatility.

     

    *** Shaky Chinese Recovery

    The release of China’s economic data in July indicated that while China’s economic recovery continues, the trend is not as strong as expected. China’s industrial output grew 4.8 percent in July from a year earlier. This sector has now become the driving force behind China’s economic recovery from the Corona epidemic. However, retail sales in the world’s second-largest economy show a contraction of 1.1 percent, which was worse than analysts had predicted. China’s industrial production growth in July was exactly the same as last month, June, while the country’s retail sales improved by 0.7 percentage points compared to the previous month.

     

    the world of economy

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