GOLD (June 2) Optimistic about a pause in interest rate hikes
At 8:26 am this morning on June 2 in Vietnam time, the world gold price stood at $1,974, an increase of $8.24 compared to the same hour last morning. USD is forecasted to depreciate in the future. From there, they sold off the USD causing the currency to fall on a large scale. Gold price today has more conditions to go up.
Hansen's upbeat outlook for gold comes as the Bloomberg commodity index has fallen 13% this year, led by silver, copper and oil. Meanwhile, the price of gold has gained nearly 6%, last trading at $1,976. While weak commodity prices may ease inflationary pressures in the near term, fresh safe-haven demand remains the driving force for gold.
In the short term, Gold could be trading higher, approaching $1,980. But it will be difficult for gold to rise sharply, as the market is still speculating that the Fed will raise interest rates more and this will reduce the attractiveness of gold.
Hansen's upbeat outlook for gold comes as the Bloomberg commodity index has fallen 13% this year, led by silver, copper and oil. Meanwhile, the price of gold has gained nearly 6%, last trading at $1,976. While weak commodity prices may ease inflationary pressures in the near term, fresh safe-haven demand remains the driving force for gold.
In the short term, Gold could be trading higher, approaching $1,980. But it will be difficult for gold to rise sharply, as the market is still speculating that the Fed will raise interest rates more and this will reduce the attractiveness of gold.
✅Buy order in the $1,964-$1,966 price zone when the support zone is approached.
✖️Stoploss: $1,960.
✅Sell the $1,990-$1,993 range when the price hits the resistance area.
✖️Stoploss: $1,997.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!