The global gold market is facing very challenging days. Many factors have joined hands to stop the growth of gold prices and practically see the fall in prices in ounces and other gold inputs in domestic and foreign markets. Reducing political risks and reducing the risks posed by the Corona pandemic have pushed capital out of the gold market and slightly shifted to digital currencies. Stay tuned to Artan Press.
*** Significant drop in global gold prices
In the gold market, despite declining demand in the stock market, demand in the gold market has also declined, indicating that rising demand for the dollar in the financial markets has also reduced the price of gold. But the price has reached the major support of $ 1764 and the price reaction to this support range is decisive. In the short term, there is a possibility of price correction and uptrend in this range, and in the medium term, if the price breaks this range with credit, the first possibility will be a continuation of the downward trend.
*** Evaluate the latest global gold trading rates
It is currently fluctuating in the range of $ 1735 with the breaking of the $ 1748 resistance line and is descending towards 1695. The global gold price fell on Friday due to the rapid rise in US bond yields, and will probably record the second monthly drop at the end of today’s trading. The price of an ounce has risen by $ 22 and the exchange rate has fluctuated due to political and economic news, which is why today we are witnessing a growth of 10,000 Tomans in the price of gold and 150,000 Tomans in the value of coins. They have given up before buying and selling and are watching the market trend.
*** The reason for the drop in gold prices in Iran
As the last days of the year approach, justice stockholders are waiting for their annual stock dividends. So far, this profit has been paid in three stages and amounted to 12 thousand and 700 billion tomans, and the profit that will be paid this year is the fourth stage and the profit of 1398. Since the central bank has to generate part of this profit in the form of selling gold and creating liquidity, the pressure of selling gold on the part of the central bank will cause the price of gold to increase in the coming days and until the end of the year. We will be gold in the last days of the year.
*** Reducing the price of gold in world markets
Gold traded lower this week to $ 1,720, its lowest level in eight months, causing investors to lose nearly $ 100. According to the Kitco Gold Survey, the resale may not end because Wall Street is calling for lower prices next week and the gold is virtually unchanged.
*** Significant pressures on global gold sales
Next week, as gold accelerates in technical selling pressures, analysts believe that next week everything will be clear about returns and the US dollar, and that the path and ratio of gold to the dollar will be practically predictable for the next six months. The US Treasury has improved this by close to 0.6 percent, and this has led to a drop in the price of gold in the markets with the fall of the dollar. This is exactly the policy pursued by the Biden administration against the Trump administration and will lead to completely different economic views.
*** Gold is still profitable
Some analysts believe that in the current situation, due to the price margin between the dollar and gold in the markets of the gold equation, the US dollar seems to have a return on investment, given the increase in Treasury returns. Gold futures traded up $ 1,722 in April, down more than 3.3 percent a week, but the dollar and gold are likely to grow over long periods of time.
*** The global gold price has the potential to grow
Analysts say the next big support level for gold, which is likely to be tested next week, is $ 1700. Many analysts believe that gold is being traded at a lower price than it is today. The gold market is currently tied to other factors and even to other parallel markets. Many times the price of gold depends on other precious metals being able to hold it high. Basically, everything is positive for gold, there is a lot of excess liquidity around the world. The dollar is currently at its lowest level due to the US result and the surprise of Trump’s defeat, and this will be temporary.
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