On Wednesday, the gold price has been close to the lowest levels since the end of January, under the pressure of the aggressive inflation stance of the US Federal Reserve President.
Ilya Spivak: General Direction for Gold Price Fell to $ 1,750
Dailyfx Foreign Currency Strategist Ilya Spivak says gold has been consolidated since last week, but the overall aspect has fallen to about $ 1,750. The strategist continues his statements with the following statements:
The question is when will we find a new momentum that will take us there?
“Gold focuses on interest rates and the appearance of monetary policy”
Kriptokoin.comAs you have followed from the news, the FED President Jerome Powell promised Tuesday that the US central bank would raise interest rates as much as necessary to stop the increase in inflation, which the US central bank said that the economy threatens the basis of the economy. The dollar gained value after a three -session decrease and reduced the charm of gold for investors who hold other currencies. Ilya Spivak says the following for the current situation of gold:
Gold, especially in the US, focused on interest rates and the appearance of monetary policy. The dollar could not perform the rally.
SPDR Gold Trust’s Holdings are falling
The benchmark US 10 -year Treasury interest rates, after a sharp increase in the previous session, revived the demand for zero -brought gold and limited the losses. This year, the FED increased the policy rate by 0.75 %this year and is on its way to increasing half -point increases at the next two meetings in June and July.
Reflecting the investor sensitivity, SPDR Gold Trust, the world’s largest -based stock market investment fund, said Holdings fell to 1.049.21 tons on Monday from 1.053.28 tons to 1.049.21 tons on Tuesday. This refers to the ninth -day decline.
Ian Ball: It is very difficult to say that gold is not below its value
Ian Ball from Abitibi Royaltiies makes the following comments about the latest correction in the Critpto money market:
When you look at Bitcoin and other crypto currencies, they were seen as an alternative to the US dollar. However, I do not think that some of these crypto currencies perform very well when there are 20 %, 30 %and 40 %fluctuations. I don’t think they fulfill the function they designed.
Explaining his views for the gold price, Ian Ball says that the gold of around $ 1,800 is at the ‘basic support level’ and makes the following statement:
It is very difficult to say that it is not below the value of gold. When you see that the US dollar has fallen, you can see the rally of gold.
TDS thinks that any relaxation underneath will be temporary
According to TD Securities economists, the yellow metal may experience a temporary relief with a movement above the $ 1,830 level. Economists make the following assessment:
A convincing break to the north of the $ 1,830 per day can flogged the momentum funds that have recently started to sell yellow metal. However, we think that any relaxation will be temporary, as the downward acceleration is strengthened and extensive macro liquidations under pressure.
Pablo Piovano: Gold price seems limited to 200 days of SMA
According to the preliminary figures of CME Group, the open interest rate to the gold -futures markets narrowed with approximately 1.4 thousand contracts in the fourth session on Tuesday. In the same line, volume fell around 22.7 thousand contracts in the third session.
Market analyst Pablo Piovano, yellow metal prices, 200 -day SMA’yı Tuesday $ 1,830 for a short time tested, but then withdrawn and closed the session with modest losses, he says. According to the analyst, this movement was behind the diminishing open interest and volume, and the extra decrease below is no longer possible.
