The weakening USD is supporting the precious metal's price increase. The USDX index, which measures volatility in the greenback, with six major currencies slipped 102 points to near a two-month low. A weaker dollar also makes gold more attractive to buyers holding other currencies.
Recently, gold has been caught below the level of 1,950 USD/ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that pricing action is one factor that investors should consider when building a core position on gold.
Ms. Hooper explained that, although gold faces a full-fledged environment, it is still an important strategic asset to own. She added that the precious metal could continue to be well-supported in the near-term as investors look for increasing hedging opportunities in the market.
The risk of a recession, rising geopolitical risks and central bank demand for gold amid the broader de-dollarization trend are some of the factors that could bring gold prices back to normal, he said. again. back to $2,000/ounce by the end of the year. She added that even at its current value, gold still has a lot of value.
XAUUSD SELL 1940 - 1942💯💯
✅ TP1: 1935
✅ TP2: 1928
✅ TP3:1922
🛑 SL: 1950
Recently, gold has been caught below the level of 1,950 USD/ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that pricing action is one factor that investors should consider when building a core position on gold.
Ms. Hooper explained that, although gold faces a full-fledged environment, it is still an important strategic asset to own. She added that the precious metal could continue to be well-supported in the near-term as investors look for increasing hedging opportunities in the market.
The risk of a recession, rising geopolitical risks and central bank demand for gold amid the broader de-dollarization trend are some of the factors that could bring gold prices back to normal, he said. again. back to $2,000/ounce by the end of the year. She added that even at its current value, gold still has a lot of value.
XAUUSD SELL 1940 - 1942💯💯
✅ TP1: 1935
✅ TP2: 1928
✅ TP3:1922
🛑 SL: 1950
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