Do you think gold will rise today?
Updated
The price of gold rebounded after hitting a low point not seen in over two months.
This was due to the recent data showing that the US services sector had experienced minimal growth in May, which halted several months of strong market growth.
The weakened dollar was also beneficial to metal markets, with gold being a safe-haven asset.
However, it is expected that US interest rates will remain high this year, limiting the potential for significant gains in metal prices.
Despite this, it is possible that the value of gold will increase later in the year as the US economy weakens.
In general, in the short term, Gold can still maintain its upward momentum, if the 1950-1940 price zone can still hold the bears. Then it's not a difficult thing to crawl back to 1975 or even 1985
This was due to the recent data showing that the US services sector had experienced minimal growth in May, which halted several months of strong market growth.
The weakened dollar was also beneficial to metal markets, with gold being a safe-haven asset.
However, it is expected that US interest rates will remain high this year, limiting the potential for significant gains in metal prices.
Despite this, it is possible that the value of gold will increase later in the year as the US economy weakens.
In general, in the short term, Gold can still maintain its upward momentum, if the 1950-1940 price zone can still hold the bears. Then it's not a difficult thing to crawl back to 1975 or even 1985
Trade active
Gold 1966 => 1954
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.