XAU is expected to fall sharply in the coming time.
The price increase in the international market is mainly due to increased bottom-fishing demand. In the previous sessions, the precious metal fell quite deeply, at times down to 2,370 USD/ounce, but still held firm above the important support level of 2,350 USD/ounce - the 50-day average price.
Demand for gold is overwhelming compared to the pressure from a rising USD.
Gold is forecast to hardly decrease deeply and is ready to increase in price following the interest rate cut signals of the US Federal Reserve (Fed) and purchasing power from major players in the world.
If previously, central banks of many countries, including China, bought heavily, causing gold to skyrocket in late 2023 and early 2024, recently, gold exchange-traded funds (ETFs) have stepped up their purchases of this commodity.
The buying activities of large funds such as SPDR Gold Trust have made many people believe in a new rally in gold.
Demand for gold is overwhelming compared to the pressure from a rising USD.
Gold is forecast to hardly decrease deeply and is ready to increase in price following the interest rate cut signals of the US Federal Reserve (Fed) and purchasing power from major players in the world.
If previously, central banks of many countries, including China, bought heavily, causing gold to skyrocket in late 2023 and early 2024, recently, gold exchange-traded funds (ETFs) have stepped up their purchases of this commodity.
The buying activities of large funds such as SPDR Gold Trust have made many people believe in a new rally in gold.
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