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Abstract：Gold opened 2020 with a striking momentum, hitting as high as $1,950/ounce.
WikiFX Analysis (16 Jan.) - Gold opened 2020 with a striking momentum, hitting as high as $1,950/ounce. Despite the following rosy expectations, the yellow metal, instead of extending their gains, suffered from huge losses.
Gold prices endured a loss in excess of -2.5% during the first week of the year. What's more, the US Non-Farm Payrolls released in the second week dragged them below the $1,900 barrier, a drop of more than $100.
The mounting uncertainties arise from the rampant pandemic contributed to the previous boom in gold. With the US Treasury yields moving higher, however, traders picked up their risk appetite, which shocked the yellow metal heavily.
Inflation expectations have found their growth hampered, despite the boost from the US fiscal stimulus. As a result, the US real yields increase, undercutting the appeal of gold.
While the longer-term fiscal stimulus measures in the context of a low-interest rate should be beneficial for gold prices, it may prove to be tough sledding for gold prices the next few weeks if US Treasury yields sustain their advance.
Technically speaking, golds return back to the August-November 2020 downtrend may pave the way for further losses.
Use WikiFX (bit.ly/wikifxIN) to discern market trends, capture trading opportunities and make more profits.
Chart: Trends of Gold
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
For the past few years, gold has been riding a seemingly never-ending trend, and recently silver has decided to join the race, and both of these assets made headlines across the world because of how well they were performing.
Malaysia’s retail gold prices have hit record highs, with 999 fine gold reaching RM700 per gram and 916 gold rising to RM650, driven by surging global gold prices, geopolitical tensions, and growing expectations of further US interest rate cuts.
Gold has made yet another all-time high, but this time, nobody is talking about it.
The spectacular year-end rally in precious metals hit a wall on Monday, as gold and silver prices collapsed from fresh all-time highs. Traders aggressively booked profits in a market thinning out for the holidays, amplifying volatility and triggering a sharp technical correction.
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