Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.
“The precious metal finds itself ensnared in a balancing act between the flight to safety on the one hand and the rise in treasury yields and a strengthening dollar on the other,” said Ricardo Evangelista, Senior Analyst at ActivTrades, in a note Monday. “With tensions in the Middle East showing signs of easing, the market's attention shifted towards assessing the resilience of the US economy and the persistent grip of inflation.
As to what levels will be important to watch, with gold’s breakout rally, there are few technical indicators on which to rely. Ole Hansen, Head of Commodity Strategy at Saxo Bank said in a social media post that he is watching Fibonacci retracement levels at $2,322, $2,288 & $2,255.is down significantly, some analysts note that investors are still holding on to significant gains, which means there is no urgency to sell.
The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc.
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