Gold price today April 16: Gold is "hot" again with the war
Hello wonderful friends of Ralph Benjamin!
International market information today: Gold prices increased again in the context of escalating geopolitics, especially in the Middle East. It is currently trading steady around the $2,370 mark, marking a 0.58% drop on the day.
Overall, geopolitical uncertainty surrounding the growing chaos in the Middle East has created safe-haven demand for gold in recent weeks, but it is not a sustainable trend. The biggest driver for gold this year, helping the precious metal overcome headwinds from changing monetary policy expectations, is physical bullion demand in China, but this demand is expected to moderate. weakened at the end of the year.
Conclusion: Basically, gold still maintains its upward momentum and will increase in the near future, despite high inflation that may force the US Federal Reserve (Fed) to maintain high interest rates.
The strategy of buying on dips remains sound as long as weekly support at $2,150 holds. Fibonacci also points to gold's retracement at 0.786, with the uptrend likely to become even stronger if it receives a boost from here. It is expected that this price increase will reach the 2500-2521 USD mark. And you, what is your goal?
International market information today: Gold prices increased again in the context of escalating geopolitics, especially in the Middle East. It is currently trading steady around the $2,370 mark, marking a 0.58% drop on the day.
Overall, geopolitical uncertainty surrounding the growing chaos in the Middle East has created safe-haven demand for gold in recent weeks, but it is not a sustainable trend. The biggest driver for gold this year, helping the precious metal overcome headwinds from changing monetary policy expectations, is physical bullion demand in China, but this demand is expected to moderate. weakened at the end of the year.
Conclusion: Basically, gold still maintains its upward momentum and will increase in the near future, despite high inflation that may force the US Federal Reserve (Fed) to maintain high interest rates.
The strategy of buying on dips remains sound as long as weekly support at $2,150 holds. Fibonacci also points to gold's retracement at 0.786, with the uptrend likely to become even stronger if it receives a boost from here. It is expected that this price increase will reach the 2500-2521 USD mark. And you, what is your goal?
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