Gold price is still in the Uptrend

[ishanagarwal]

Today's gold price is currently listed at USD 2,010/ounce, showing a decrease of USD 1.2/oz compared to the opening session of the previous day.

The negotiations between President Joe Biden and lawmakers to raise the US public debt ceiling, scheduled for May 12 (US time), have been postponed, as confirmed by Representative McCarthy. The USD continued to gain momentum, causing speculators to take advantage of selling to recover capital, resulting in gold experiencing strong profit-taking.

The Dollar Index also gained more than 0.18%, while US bond yields rose to 3.425%. Moreover, financial markets are betting on the possibility of the US Federal Reserve cutting interest rates by at least 50 basis points by the end of 2023.

Despite this, the gold price remains in an uptrend, and if it does not break out of the trend, setting up BUY GOLD strategies would still be a priority.

 

[JerodR]

The uptrend should be endimn soon I believe but lets see what FOMC brings.

 

[Wesley]

What’s your presumption how long the market will retain its upward position?

 

[Elijah_0]

I am not having a good experience with gold in the last few days so I skipped trading gold already. But let’s see what happens if gold continues following uptrend, I will be back soon.

 

[RainbowRain]

I think that the price of gold can remain in an upward trend for a long time while there is geopolitical instability and wars in the world. After all, gold has always been the main refuge in such unstable situations and was in high demand, so the price has been constantly growing.