World gold markets traded higher on Wednesday last week, breaking the 50-day moving average again, boosting gold prices in all international markets. In the global market, the upward trend of prices is expected to continue, albeit slowly but steadily. Therefore, gold investors are advised to use patience as a spice in their trades.
*** Global gold price growth
The World Gold Council has released a report stating that the central bank has moved to buy gold as a risk mitigation factor, buying 25 tonnes of gold in October alone and increasing the world’s total gold reserves by 23 tonnes. The World Gold Council announced in a report; After two consecutive months of sales, central banks bought gold in October.
Despite the fall in prices in the past two weeks, the rise in world gold prices led to a rise in gold and coin prices of 9.1% and 1.5%, respectively. The dollar and the euro rose 4.1 percent and 1 percent, respectively, this week.
The market, on the other hand, shows shocks from the negative of the market. Gold traded higher on Thursday, the last trading day of the week, due to investors’ optimism about more coronary aid in the United States and the weakening dollar after the signing of the post-brigade trade agreement.
A series of US economic measures can widely lead to the attractiveness of the gold market, because we still see a lot of money leaving the stock market. There is also a lot of stimulus from different economies in the world, so the gold markets. Against other currencies, it will provide better conditions for global investment.
*** Take a look at the $ 1900 world gold level
The price of gold has a strong support at the level of $ 1800 according to technical evaluation indicators, breaking the ceiling above the level of $ 1900 could be a move to the level of $ 1950, which has already sold a lot. After that, the market will then look for the $ 2000 level. This is a market that is losing a lot of buyers and the uptrend should continue for a while
Gold has risen about $ 100, or six percent, in the past three weeks. But this week, the dollar’s recovery from a two-and-a-half-year low prevented gold prices from rising. Another factor limiting the rise in gold prices was President Donald Trump’s threat not to sign the $ 900 billion Corona bailout bill and the $ 1.4 trillion federal funding package.
In today’s world market, cash gold, with a rise of $ 12.40, is currently fixed at $ 1871.90. The weak dollar today was the main driver of growth in gold futures. Currently, the dollar index is down 0.29 points, showing a drop of 0.32 percent, and each dollar index reached 90.255. This means that only part of the rise in gold futures today is related to purchases, 98% of which are a direct result of the weakening dollar.
*** Precious metals outlook for 2021
In a Precious Metals Outlook 2021 report released last week, Bank of Germany analysts expect silver to continue to outperform gold as demand for the precious metals in the global economy improves.
The price of an ounce of cash gold increased by $ 26 compared to the last price of yesterday at $ 1853 and 40 cents in the market. This is while yesterday the last price of an ounce of cash gold was 1827 dollars and 20 cents. With this increase, Investing has offered investors a strong buy.
The price of gold will challenge $ 1,900 next week because investors will avoid risky assets. If asset managers want to record some profit and reduce stock risk, gold will receive a significant flow of liquidity in the last days of 2020.
In order to examine the market outlook more formally, we need to pay more attention to the movements of the London gold market. In recent days, the London gold market has been accompanied by rising prices, due to the market’s hopes for support packages. Meanwhile, gold was in low demand in the US and Asian markets due to the appreciation of the dollar and recorded a downward trend. But the Biden government’s environmental policies are causing the global gold price to rise as the dollar depreciates.
*** New world gold price records in the New Year
In the current situation, gold capitalists walk with buyers and price based on buyer interactions. Global markets are more or less going through a price trend to get a deal done; The price trend in the gold market depends significantly on the size of the support package, the timing of implementation, and how it affects US inflation.
Analysts are still positive about the gold metal and many predict that they will see new records in the new year. It goes without saying that from the point of view of some analysts, the technicality of the gold market shows a downward trend in the medium term. On the Shanghai Gold and Futures Exchange, gold prices were down, and the largest volume of gold and silver trading in the Shanghai Futures Market belonged to the February 2021 delivery contracts. One of the key levels of gold prices for next year is $ 2,300.
One of the issues that will line the global gold market is Britain’s attitude towards the Brexit agreement. With the withdrawal of Britain from the European Union, we will see the growth of gold prices in the world market. Many aspects of gold trading are currently unclear to marketers and analysts. We have to wait and see what happens nextAnalyzed. But the thing that can definitely be imagined about the global gold price ounce is the growth of the gold price over the next six months.
این مطلب بدون برچسب می باشد.