The tone of long-term optimism for global economic growth and recovery was echoed UBS Group AG warning investors to rethink their holdings on gold bullion as the green dollar will strengthen next year.
The movement of or Prices have posted a fourth day of gains as the overflow of poor consumer sentiment data last week continued until Monday’s trade sentiment. President of the Fed Speech by Jerome Powell Tuesday and the FOMC minutes scheduled for release on Wednesday, will exert some short-term price direction for the yellow metal. Because traders will study the FOMC minutes for the languages that support the initial reduction agenda. This could clearly change the sentiment of the assets, with the forecast that the greenback will regain some ground, if in fact the minutes reflect recent comments from Fed policymakers.
NOTE gradually points $ 1,800 again, after falling to $ 1,690. The combination of exaggerated early movement and a softer dollar and lower yields gave it a new lease of life. Friday’s data on U.S. consumer sentiment was very good for gold as it sent yields to the U.S. and the dollar sharply lower. The worst sentimental reading in almost a decade led to the decision, which is why gold once again exploded above the $ 1,750 resistance zone and is now trading below the $ 1,790 less resistance to one more step $ 1,800 with a strong fight this could happen.
As long as he $ 1,831 resistance (61.8% of the June high and the August low) remains intact, the bearish outlook will once again dominate for the formation of the third downward wave, as the current price position is still in the descending corridor. It would be too much if the increase in 4 days did not choose a break. He $ 1,750 assistance will be taken into account if the price re-enters the range limit movement.
In the meantime, payment Found support a $ 22.49 and struggled to recover from the $ 25.99 drop. So far it has increased by 6% compared to a new low. Copper maintains its price position amidst supply constraints and the development of the Delta variant. It is traded in a bound scope between 4.23-4.41. Palladium is also trading bound range and is likely to show a weakened momentum in a descending triangle pattern between lows 2571.30 i 2737.05; while platinum it barely moves, after last week ‘s gains that invested a drop in 953.60 and currently trades at 1023.00.
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