Is Gold Headed For a Fall Today? XAUUSD xauusdgold goldprice goldpricetoday goldtrading
At this point, it’s very likely the gold will try to find its way to the $1600 level, and then even lower than that.
I would not be surprised at all to see this market reached the $1500 level over the longer term, with every rally between here and there ending up being nice selling opportunities. I do believe that exhaustion will be jumped on, as we have broken a major support level over the last week or so. In fact, that support level went back a couple of years, so I do think that this is a major move just waiting to happen.
The only way that this changes is if the Federal Reserve changes its monetary policy. I do not see that happening, so therefore as long as Jerome Powell remains, gold will remain very bearish. Interest rates continue to climb around the world, so it’s not just the US dollar thing, it is an interest rate play overall. After all, it’s much easier to buy a bunch of pieces of paper then it is to store physical gold which is expensive.
in the bond market, it makes much more sense to do it that way instead of sitting on an asset that has negative carry.
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