Gold price today increased again thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, slipped 104 points, increasing the attractiveness of gold to buyers holding other currencies.
A recent report shows that hedge funds are stepping up the liquidation of their bullish gold bets and increasing their short positions as the US Federal Reserve (Fed) is expected to maintain its "kite" trend. hawk", keeping interest rates high for the foreseeable future.
In a recent interview with Kitco News, Christopher Vecchio, head of futures and forex at Tastylive.com, suggested that the worst days for gold may be over and the precious metal is on the edge. given a recovery session. However, for the time being, gold will still hold near $1,900 an ounce.
Looking at the direction of gold in the long-term, Ole Hansen, Head of Commodity Strategy at Saxo Bank, thinks that gold is likely to appreciate significantly as the US economy prepares to enter a period of very low growth. combined with persistent inflation.
A recent report shows that hedge funds are stepping up the liquidation of their bullish gold bets and increasing their short positions as the US Federal Reserve (Fed) is expected to maintain its "kite" trend. hawk", keeping interest rates high for the foreseeable future.
In a recent interview with Kitco News, Christopher Vecchio, head of futures and forex at Tastylive.com, suggested that the worst days for gold may be over and the precious metal is on the edge. given a recovery session. However, for the time being, gold will still hold near $1,900 an ounce.
Looking at the direction of gold in the long-term, Ole Hansen, Head of Commodity Strategy at Saxo Bank, thinks that gold is likely to appreciate significantly as the US economy prepares to enter a period of very low growth. combined with persistent inflation.
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Fed Chairman Jerome Powell has said that to contain inflation that is still too high, the central bank may need to raise interest rates again. However, an increase in interest rates could increase bond yields and make bullion less attractive.
✔️ TP1: 1916
✔️ TP2: 1910
🚫 SL: 1928