Gold futures fell on Friday, closing their lowest since Feb. Gold continued to lose for the fourth consecutive week as the rising US dollar outweighed the attractiveness of the yellow metal as a hedge against inflation. Two master analysts share their future forecasts for gold.
Peter Cardillo’s short-term price target is $1,850 with $1,905
Kryptokoin.com The US Dollar Index (DXY) is slightly Although it declined, it rose about 0.9% for the week, reaching a level last seen 20 years ago. A stronger dollar is viewed negatively for commodities priced in the unit, making them more expensive for users of other currencies. Peter Cardillo, chief market economist at Spartan Capital Securities, wrote in his weekly note on Friday:
The precious metal price continues to decline towards the mid-range of the $1,800 level, showing hopes of a quick and strong recovery.
Peter Cardillo also says the short-term price target for the precious metal is $1,850 to $1,905, pointing to the hedge factor that favored gold due to inflation and geopolitical woes.
Spot gold prices closed the day and week at $1,811.32 with a 0.56% loss, even though they recovered after a brief slumping of $1,800 gold on Friday. Gold futures, on the other hand, were last traded at $1,808.2, down 0.90%.
“A potential bull target for gold could be the $2,500 area”
Still, FxPro senior market analyst Alex Kuptsikevich said on Thursday that gold prices “are generally for the instrument generally He says it fell below the 200-day soft moving average, which is a bearish factor. Stating that the current decline in price allows further developments to be followed closely, the analyst makes the following predictions:
Potentially, an upward reversal from these levels, the first driving force in 2018-2020, followed by a long broad side trend. It may mark the beginning of a new long-term growth wave that it is watching. In this case, a potential bullish target could be the $2,500 area.
