HomeFinance NewsGold price unable to sustain above $2,400; consolidation expected next week.

Gold price unable to sustain above $2,400; consolidation expected next week.

Published on

Gold and silver prices have been on an upward trend, hitting significant highs before consolidating. Gold peaked at $2,448.80 an ounce but is now trading at $2,355.60, while silver reached $29.905 an ounce before settling at $28.105. Despite the potential for a rate cut in June being priced out, gold remains strong, hovering around record highs. Analysts caution that the recent rally in gold may be over-extended, suggesting investors consider taking profits off the table to prepare for a possible consolidation phase.

Aside from the concern of a potential correction due to overextension, gold is still considered well-supported as inflation fears and economic uncertainty persist. Despite record gains against major currencies, further volatility may arise based on upcoming economic data and the sentiment of the marketplace. Federal Reserve Chair Jerome Powell’s discussions and key economic indicators like U.S. retail sales, housing data, and manufacturing reports will likely influence price action in the precious metals markets. The International Monetary Fund’s upcoming spring meeting also adds to the economic calendar next week.

Some investors, like Ole Hansen and Christopher Vecchio, are cautious about chasing the current market levels and are instead considering buying on dips. While the future direction of gold and silver prices remains uncertain, the broader trends driving prices continue to be influenced by various factors, such as real interest rates and economic indicators. Overall, the precious metals market is expected to face more volatility in the coming week as the global economic landscape continues to evolve.

Source link

Latest articles

Waterfront Restoration’s Expert Aquatic Weed Removal in Long Lake, MN

Frustrated by the weeds and invasive species preventing his family from enjoying the lake,...

Enhancing Paradise: The Ultimate Guide to Landscape Concrete Edging in Hawaii Island for Unbeatable Curb Appeal

As a Hawaii resident deeply entwined with your island roots, you understand the irresistible...

Leading-edge Irrigation Maintenance Services in Port Charlotte, FL by Shaffer’s Irrigation

Boosting the health of your landscape through efficient irrigation requires skill, knowledge and experience....

Experience Remarkable Terrazzo Refurbishing in Sarasota, FL with Intra State Terrazzo and Concrete

Keen on understanding the intricacies that underline the worth of hiring qualified service professionals...

More like this

Waterfront Restoration’s Expert Aquatic Weed Removal in Long Lake, MN

Frustrated by the weeds and invasive species preventing his family from enjoying the lake,...

Enhancing Paradise: The Ultimate Guide to Landscape Concrete Edging in Hawaii Island for Unbeatable Curb Appeal

As a Hawaii resident deeply entwined with your island roots, you understand the irresistible...

Leading-edge Irrigation Maintenance Services in Port Charlotte, FL by Shaffer’s Irrigation

Boosting the health of your landscape through efficient irrigation requires skill, knowledge and experience....