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Beware of Gold experiencing a drop due to profit taking before Trump's inauguration! FXStreet Senior Analyst's analysis of Gold Trading.
On Friday morning in the European market, spot Gold maintained a moderate downward trend, with the current price around 2710 USD/ounce. FXStreet Senior Analyst Dhwani Mehta pointed out that ahead of the inauguration of the elected President Trump of the USA next Monday, Gold faces the risk of profit-taking and decline.
Gold prices once approached the new Target Price! Well-known Institutions: Breaking this level could trigger gold prices to rise towards historical highs.
On Friday in the Asian market close, spot Gold slightly declined after a big rise yesterday, with the current gold price around 2713 dollars per ounce. According to Economies.com, the gold price had previously come very close to the new Target Price of 2725.00 dollars per ounce, and if this level is surpassed in the future, the gold price will aim for historical highs.
Gold Glitters, Eyes US$2,800 Target
The Fed's prominent officials have made shocking statements, and Israeli airstrikes have resulted in 77 deaths! Gold prices surged by 18 dollars. How to trade Gold.
On Thursday, due to the latest economic data from the USA putting pressure on US treasury yields, coupled with dovish comments from Federal Reserve officials, Gold prices rose to a more than one-month high. Allegiance Gold's Chief Operating Officer Alex Ebkarian stated, "The number of initial unemployment claims was higher than expected, indicating that the labor market is somewhat weak. We are seeing a decline in US treasury yields, thus the attractiveness of Gold has once again increased."
Gold Price Hits Fresh GBP All-Time High - Solomon Global Analyses Key Factors
Decision Analysis: The US dollar suffers a devastating blow! The yen suddenly rebounds, and Gold strongly rises above 2700.
On Thursday (January 16), Asian stock markets rose, following Wall Street, while the dollar weakened due to the slowdown in core inflation in the USA, keeping the market's focus on expectations that the Federal Reserve may cut interest rates. Meanwhile, the yen rose to its highest level in a month due to expectations of interest rate hikes.