Silence Before the Storm in Gold Prices: The Level That Could Change Everything
Global markets breathed a sigh of relief as the tension between the US and Iran gave way to a temporary ceasefire. This ceasefire decision led to a pullback in the dollar index. The biggest beneficiary of this situation was gold. The safe haven closed the week with a gain of 1.54 percent in value. Experts emphasized that the $5,000 level has become a critical resistance point for gold. According to analysts, if this $5,000 resistance is broken, it could herald a new era for gold.
The price of gold is on the rise.
The tension in the Middle East has given way to a ceasefire. The 15-day ceasefire established between the US and Iran provided a breath of fresh air to the markets. With the ceasefire, the dollar weakened on a global scale. Demand for safe havens and gold prices changed. The weakening dollar index led to a rise in gold prices. Gold gained 1.54 percent on a weekly basis.
What happened to gold prices?
Spot gold ended the week at $4,749. On the gram gold side, levels of 6,881 TL were tested. The closing price of gold was around the 6,811 TL range.
If the threshold of $5000 is crossed in gold prices, it could usher in a new era in the market.
According to analysts, the ceasefire will be the most significant determinant for gold prices. Experts emphasized the $5,000 level for the upward trend to transition into a lasting record. Specialists, who identify the $5,000 level per ounce of gold as a 'critical resistance', pointed out that a new era in the market will commence if this psychological barrier is overcome.
Tai Wong, an independent metal market expert, stated, 'If buyers can recapture the $5,000 level, it will create a motivation that will propel gold prices to new historical highs.'
On the other hand, analysts from the investment bank ANZ predict that gold will approach the $5,800 level by the end of the year.
Keşfet ile ziyaret ettiğin tüm kategorileri tek akışta gör!
Test
Gündem
Magazin
Video
Send Comment