The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
The price of gold has resumed its decline after a moderate two-day recovery, as traders reevaluate the conflicting statements from the US and Iran regarding peace negotiations in the Middle East.
Yesterday, the price of gold held around $4500 per ounce until the White House announced that negotiations with Iran were progressing productively and had prepared a 15-point peace proposal. However, Tehran publicly rejected the US proposals for ending the conflict yesterday and put forward its own conditions, which quickly renewed pressure on gold prices.
Why does gold fall in a situation where the risk of escalating military conflict is rising? The answer is simple: the sharp rise in energy prices, which is likely to continue since, even while continuing diplomatic negotiations, the US has sent thousands of troops to the region for a ground invasion, leads to a significant increase in inflationary pressure worldwide, forcing central banks, including the Fed, to actively raise interest rates. High interest rates always negatively affect gold prices, making it a less attractive asset.
Since the beginning of the war, which has lasted almost a month, the price of gold has fallen nearly 15%, typically moving in tandem with stocks and inversely to oil. The sharp rise in energy prices has heightened inflation risk and led investors to bet that central banks will keep interest rates unchanged or raise them. As I mentioned above, this creates obstacles for non-yielding precious metals.
The prospect of a Federal Reserve interest rate hike may be tempered by the risk of an economic downturn in the US due to a prolonged war. Many economists are already lowering their forecasts for the US economy this year while raising inflation and unemployment forecasts, thus increasing the likelihood of a recession.
According to data, about 85 tons of gold have been purchased from exchange-traded funds since the war began. Even at $4500 per ounce, another 83 tons remain unprofitable and therefore vulnerable to liquidation.
As for the current technical picture of gold, buyers need to reclaim the nearest resistance at $4481. This will enable targeting $4531, above which it will be quite difficult to break through. The farthest target will be around $4591. In the case of a decline in gold prices, bears will attempt to take control of $4432. Should this succeed, breaking through this range will deliver a serious blow to bullish positions and push gold down to a low of $4372, with a prospect of falling to $4304.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
