That gold markets has done very little during the trade session on Monday, which should not be a big surprise due to the fact that the Americans were away on President’s Day. It is not that there was no trade, it shows that a large part of the market was not at work. That said, the market is likely to go back and forth in general, but it has a slight negative tilt to it. Keep in mind that the $ 1800 level below should continue to be supportive, and certainly the $ 1750 level would be. That said, I do not think we break through there very easily.
Gold price predictions Video 16.02.21
The marketplace is moving after the idea of stimulus and what happens to the US dollar. If the US dollar continues to struggle a bit, it may help gold, but one of the things that most definitely works against gold is the 10-year interest rate. When it rises, it makes gold more expensive because you have to pay to store it, and of course you get no benefit at all from holding. Traders tend to look towards paper when they can give a return on it as opposed to taking any risk from gold. After all, you will be guaranteed to get back to your principal through treasuries, but you can not necessarily say that about gold. You have the default position by simply holding on to a note or bond to get your money back. (Although, of course, there may be a smaller loss due to inflation.) Nevertheless, you need to look at interest rates to see what happens next.
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