“Sales Crisis Could Trigger” Gold Analyst, Waiting for Those Numbers! - Coinleaks
Current Date:September 21, 2024

“Sales Crisis Could Trigger” Gold Analyst, Waiting for Those Numbers!

Gold rallied on Monday after a choppy trading session. Because weakness in US Treasury yields kept prices above $1,800. It marginally quelled the pressure from rising US dollar levels. So what will happen now? Will we see a rise in gold? Here are the comments of City Index senior market analyst Matt Simpson…

Analyst predicts ‘selling crisis’ for gold

Spot gold rose 0.1 percent to $1,812 an ounce. U.S. gold futures also rose 0.6 percent to $1,812. Bullion prices hit a five-month low of $1,783.50 on Friday. But he finished the session almost steadily. US 10-year Treasury yields hit one-month highs on Friday. This situation also supported the price of gold. City Index senior market analyst Matt Simpson suggested that gold buyers continue to support the precious metal. Simpson used the following statements:

Once again, we saw buyers support gold with a break below $1,800 on Friday. Continuing pullback in US yields allows for gold’s potential to rise in the near term. But the reality is that managed funds and major speculators are increasing their short positions against gold. If we see a close below $1,800, then this could trigger another selling crisis.

Dollar continues to affect gold

cryptocoin.com As we have also reported, the dollar continues to hover near the highest levels in twenty years. The dollar played a key role in gold’s worst quarterly performance in more than a year. It then continued to make dollar-priced gold less attractive to buyers holding other currencies. Asian stocks started the day cautiously on Monday. Downside risks were cited for this week’s June employment data report in the US. Meanwhile, a relief rally in government bonds continued.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.8 percent to 1,041.9 tons on Friday, from 1,050.31 tons on Thursday. US Federal government offices, stock and bond markets, and the US Federal Reserve will be closed today for the Independence Day holiday. Meanwhile, spot silver fell 0.2 percent to $19.84 an ounce. Platinum fell 0.5 percent to $884.49. Palladium, on the other hand, fell 1.3 percent to $1,934.40, losing momentum.