Gold drops to a one-week low against stronger dollar. Spot gold is struggling to recover after touching $1,752, its lowest level since June 21. So what to expect in gold now? Here are the analisdollar cool predictions…
Carsten Fritsch: Gold investors are reluctant to create new positions
Gold prices fell to a one-week low on Tuesday amid the dollar’s rise and a focus on the US jobs report, which could offer a clearer picture of the Fed’s next monetary policy move. Spot gold price is struggling to recover after touching $1,752, its lowest level since June 21. Commerzbank analyst Carsten Fritsch commented on the markets and said:
Market participants are reluctant to open new positions due to gold’s failure to rise above the psychologically significant $1,800 level, upcoming labor market data and inflation.
Carsten Fritsch said that the dollar is still quite strong and hinders the rise of gold. The dollar index is 0%. 2 rose, making gold more expensive for holders of other currencies.
Han Tan: Yellow metal could approach $1,730 support zone
The U.S. Labor Department on Friday is expected to report an increase of 690,000 jobs in June compared to 559,000 in May, according to sdollarser. By the way Cryptocoin. com, Richmond Federal Reserve Bank Chairman Thomas Barkin said the Fed has made “significant progress” toward its inflation target to begin reducing asset purchases. Gold is often seen as a hedge against inflation, but a Fed rate hike would increase the opportunity cost of holding bullion and blunt its appeal, Analisdollars said.
“Given the Fed’s recent hawkish trend, it’s difficult to establish a strong bullish scenario for gold,” said Han Tan, chief market analyst at Exinity Group. Han Tan added that increasing signals pointing to an earlier-than-expected rate hike in the US and the previous contraction will create more downside pressure and push spot gold closer to April’s $1,730 support zone.
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