Global gold trading yesterday was accompanied by a significant decline. The small $ 40 gold in the middle of the day caused a wave of uncertainty about the future trend of this precious metal in the market. Although some still consider gold to be favorable for price growth, some believe that the end of gold sponsorship in the market has begun. In the following, we will evaluate this scenario. Please be with Artan Press.
*** Significant decline in global gold trading yesterday
Following the controversy between the Commodity Index and the Dollar Index, and now the $ 40 gold drop and the loss of the previous $ 1,800 support floor and the current stop at $ 1760 support, many gold traders and investors have expressed concern about this market and global gold trades. They are worried. On the one hand, the head of the Federal Reserve has stated that there is currently no clear and efficient way to change the direction of US monetary policy.
Gold support for the dollar remains strong at the moment, and this is overshadowing global gold trading. Gold was expected to react positively to the remarks last week and stay above the critical $ 1,820 mark, but this did not happen. The price of gold was able to record highs above $ 1830, but did not stabilize at those levels, and on the last day of the week, with a drop of nearly $ 1763, surprised everyone.
*** Controversial change in the trend of global gold trading
The change in the trend of global gold trading can be seen in the chart below. From the chart of gold trades, it can be deduced that whenever a heavy negative candle occurs in the market, this issue is supported by several other negative candles. In the market, this is called price stickiness to the trading process. In the case of gold, too, this scenario is very likely. Given that the economic risk of the corona has diminished in many major countries of the world and the Federal Reserve does not intend to support the price of gold, we will see a steady decline in world gold prices. This issue can reduce the price of Iranian gold slightly if it is accompanied by the fall of the dollar in Iran.
*** The role of US financial reports in the fall in gold prices
The global gold price fell more than 2% at the end of trading in the last few days due to the US employment report, which raised speculation about the possibility of an early increase in interest rates. In a way, US financial indicators have given the market the opportunity to break the $ 1,800 ounce gold support line. Global gold trading seems to have entered a new cycle. Continuation of this trend can also enter the commodity market. We are likely to see a rise in energy prices as gold prices fall. This can happen more quickly as demand grows in this sector.
*** Forecast the state of global gold trading in the coming days
According to the forecast, the global gold trading rate is expected to fall further in these inflammations. Analysts predict that the price of an ounce of gold may fall another $ 100 this week after falling $ 50 on Friday after the release of the US monthly employment report. According to Kitconnews, macroeconomic statistics will continue to play an important role in the price of gold this week. Some of these statistics, including inflation indices, such as the Consumer Price Index report on Wednesday and the Producer Price Index, will be released on Thursday.
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