(MENAFN- Daily Forex)
We continue to see a lot of noise in general, which makes gold extremely volatile. It's nearly hard to short right now due to the tremendous momentum, and you shouldn't. With the apparent rush into the metal, we will probably continue to see buyers on every dip.
Gold Will Continue to Be Front and Center This Year
Tuesday's trading session saw some initial selling in the gold market , but it has since rebounded as the CPI figures were slightly hotter than expected despite being hotter than expected overall. Having said that, it wasn't a major surprise. I believe that you are still in the same market right now. In fact, I think this is a market that will continue to behave like this over the next several months, and possibly even longer.
Forex Brokers We Recommend in Your Region See full brokers list 1 Read full review Get Started
Again, this is a market that is one in which investors enter to seize dips as opportunities. Though, to be honest, I don't think it's worth pursuing gold all the way up here, there are many reasons to think that it will rise in value in the long run. Since gold has recently experienced an enormous run, there is currently no reason to make a payment. If you are already invested in gold, you probably don't have much more to do because there are many geopolitical reasons to believe that gold will continue to rise in the long run. But eventually, there will be a setback, and it might be quite significant. A $50 pullback wouldn't surprise me in the slightest. Since the $2075 level below was once significant resistance, it should be rather significant support. As a result, I believe a lot of people will be particularly interested in that area.
This year, central banks all over the world will be lowering interest rates , which will support gold prices. Not to add the plethora of geopolitical concerns that exist and may also factor into the equation. As a result, I believe you should approach this market as one in which you are attempting to extract some small amount of value. Nevertheless, I believe that in this particular situation, a small adjustment to position sizing will likely have a significant impact. Although you don't want to be immediately overexposed, you could gradually gain a position.
Ready to trade today's Gold prediction ? Here's a list of some of the best XAU/USD brokers to check out.
MENAFN13032024000131011023ID1107973648
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.