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 halted its three-day decline after the U.S. Federal Reserve yesterday, split in opinions, maintained interest rates at the previous level and indicated that the war with Iran clouds economic prospects. This decision has reinforced the status of the precious metal as a safe haven.
Despite the Fed keeping rates unchanged, the meeting minutes revealed internal disagreements among committee members. Some expressed concerns about inflation risks, which could hint at future rate hikes. In the short term, the Fed's stance has pressured gold prices. However, the prevailing majority seems to lean towards a wait-and-see position. In times of uncertainty, gold traditionally attracts investors seeking protection against potential inflation and economic instability.
An additional factor putting pressure on gold is the escalation of geopolitical tension in the Middle East. Military actions are affecting one of the key oil producers, inevitably raising concerns about the stability of global markets and potential increases in energy prices. Such events typically lead to sharp price increases, necessitating a response through interest rate hikes, making gold a less attractive non-yielding asset.
Currently, the price of gold remains stable at around $4,580, recovering from yesterday's decline. April is expected to mark the second consecutive monthly decline in gold prices, as the conflict in the Middle East drives a sharp rise in energy prices.
As I mentioned earlier, the decline has been exacerbated in recent days, as negotiations between the U.S. and Iran have stalled, and energy supplies through the Strait of Hormuz are virtually at zero. Since the war began at the end of February, gold has fallen by approximately 13%.
Latest data from the World Gold Council, funded by producers, shows that central banks increased their gold reserves in the first quarter at the fastest pace in over a year, as falling prices triggered a wave of purchases that more than offset sales from several institutional investors.
Regarding the current technical picture for gold, buyers need to reclaim the nearest resistance at $4,607. This will allow targeting $4,656, above which it will be quite challenging to break through. The furthest target will be around $4,708. In the event of a decline in gold, bears will attempt to regain control at $4,546. If successful, breaking through this range will deal a serious blow to bull positions and push gold down to a low of $4,481, with the potential to reach $4,432.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
