XAUUSD : Is gold looking towards the target of $2,150?
Updated
World gold prices moved sideways after falling more than 30 USD/ounce yesterday, fluctuating around 2,298 USD/ounce. Gold prices fell for a second straight session and hit their lowest in more than a week on Wednesday. Recent "hawkish" comments from a series of Fed officials show that the US central bank is unlikely to lower interest rates soon in the context of a recovering economy. This has supported the USD and weakened it. Yellow.
Experts say that gold will fluctuate within a narrow range because investors are cautious ahead of the release of US inflation data later this week.
If gold loses the $2,300 mark, it is likely that the $2,100-$2,150 range will be retested.
However, this is nothing to worry about. If the US economy continues to slow down, the possibility of interest rate cuts will increase, and gold will recover.
After gold retested its breakout in 1978, the precious metal rose 122% in 13 months. A similar scenario occurred in 2009 with an increase of 63% after 13 months.
If the current correction continues, it will be a gift as one will get a second and perhaps last chance to catch the gold bottom.
Experts say that gold will fluctuate within a narrow range because investors are cautious ahead of the release of US inflation data later this week.
If gold loses the $2,300 mark, it is likely that the $2,100-$2,150 range will be retested.
However, this is nothing to worry about. If the US economy continues to slow down, the possibility of interest rate cuts will increase, and gold will recover.
After gold retested its breakout in 1978, the precious metal rose 122% in 13 months. A similar scenario occurred in 2009 with an increase of 63% after 13 months.
If the current correction continues, it will be a gift as one will get a second and perhaps last chance to catch the gold bottom.
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