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Buoyant gold reaches resistance levels, but underpinned by central banks
Central bank purchases, the year of the rabbit celebrations and minor US dollar weakness have spurred gold to US$1936. But after a heady appreciation of 19 per cent since the November 2022 lows, the bullion price is now meeting resistance. A US dollar dive, worsening wars in Ukraine or Middle East are needed for gold to maintain momentum and test the all-time 2020 high of $2074 an ounce. Similar events are also required for Silver which has risen by 25 per cent to US$23.66 in the same time frame. If those events, or similar crises do not take place, the risk for gold holders is a setback in the short term. In those ... (full story)
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- Posted: Jan 25, 2023 2:11am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 103
