Jordan Eliseo, Perth Mint’s director of listed products and investment research, thinks that from late March to late December, the price of gold tends to rise, supported by rising inflation rates and a renewed decline in real interest rates. We’ve compiled Jordan Eliseo’s market commentary and market analyst Rajan Dhall’s technical analysis for the readers of Cryptokoin.com .
Gold price correction or decline?
Jordan Eliseo continues his positive outlook for the yellow gold price in 2022, stating that he understands that for a commodity to rise, it must withstand a fall:
Gold currently has a period of about 15 months. It’s worth noting that it’s been running throughout the year and prices have experienced about 20% correction in the worst case. Corrective cycles like this are an integral part of every market and indeed often a healthy development. Because it allows the market to free itself from excessive foam and speculation.
So far this year, the gold price has been hampered by the rise in US interest rates, but the real inflation rate remains an interesting point of contention. Inflation is rising and the US 10-year rate may have risen, but it’s still far behind the annual CPI. Fed members’ comments should be watched closely for clues, according to analyst Rajan Dhall.
Gold has been in a massive consolidation phase between $1,833 and $1,753 since November 22, Rajan Dhall said on Monday, although the price dropped below $1,800, the next big deal It reminds me that support stops at $1,786 in the green zone. The Fibonacci retracement levels are still holding strong and the latest upside rejection hit the 0.382% Fib area. “The volume still fits the negative bias,” says
, noting that the volume on the down candles is still significantly higher than on the upward histogram bars, and the buy volume is very low even at the $1,800 test. Looking from below, if the aforementioned green zone is broken, the next major support is the lower purple consolidation and $1,753 to watch.