Gold trading ideas today
World gold spot price is around 1,991.9 USD/ounce, down 0.92 USD/ounce compared to overnight. Gold futures price for February 2024 on the Comex New York floor is at 2,013.3 USD/ounce.
However, experts commented that the decline in gold prices was stopped by expectations that the US Federal Reserve (Fed) had ended the cycle of raising interest rates. Lower interest rates typically boost gold prices because they reduce the opportunity cost of holding non-yielding assets. UBS analyst Giovanni Staunovo said that falling prices are a good buying opportunity because at some point the Fed will cut interest rates. This expert predicts that the gold price will increase to 2,150 USD/ounce by the end of 2024.
XAUUSD BUY 1990 - 1988
TP1: 1995
TP2: 2000
SL : 1983
However, experts commented that the decline in gold prices was stopped by expectations that the US Federal Reserve (Fed) had ended the cycle of raising interest rates. Lower interest rates typically boost gold prices because they reduce the opportunity cost of holding non-yielding assets. UBS analyst Giovanni Staunovo said that falling prices are a good buying opportunity because at some point the Fed will cut interest rates. This expert predicts that the gold price will increase to 2,150 USD/ounce by the end of 2024.
XAUUSD BUY 1990 - 1988TP1: 1995
TP2: 2000
SL : 1983
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