Wang Ye said financial news: It is said that gold has been said to be "high pressure" recently, and various data are not conducive to putting huge pressure on gold.
However, things seem to have changed subtly recently! The latest data from
shows that as of last week, hedge funds' net long positions in gold reached the highest in three months.
At the same time, according to the latest data released by Bloomberg, gold ETF investors have continued to return in the past six days after selling for several consecutive months.
On Monday (17th), the gold price rose slightly, hitting a three-month high, as shown in the figure below:
(The picture shows the gold price trend - Wang Ye said about finance)
So the question is: What exactly happened? Why is gold starting to rise?
In this regard, analysts said that the main reasons for gold rebounding from its March lows are as follows. Specifically:
First, the US dollar fell, and the Federal Reserve also stated that the current inflation in the United States is short-lived and will continue to maintain a low interest rate policy, which is a big benefit to gold;
Second, last week, the US retail data was lower than expected, and US Treasury yields declined, which in turn is also good for gold.
So what will happen to the next gold price?
In this regard, financial experts said that as gold investors become more optimistic, coupled with the decline in bond interest rates, gold will continue to rise in the future.
For example: Craig Hemke, a well-known financial writer, market analyst and precious metals expert, commented on the analysis that as more and more currencies are put into the market, coupled with supply chain problems around the world, more and more US dollars are squeezed out of the market, and the prices of precious metals such as gold and silver will soar again in the second half of this year. [For details, please refer to our previous article "After the US inflation storm, the US dollar depreciates sharply, silver may soar 45% this year, and gold is also rising all the way? 》】
Coincidentally, Ole Hansen, the head of commodity strategy at Saxo Bank, also has a similar view!
In Hansen's view, although gold has fallen out of favor for some time, gold has begun to have an upward trend in the past six weeks, and both inflation and bond interest rates are good for gold.
In addition, the precious metals expert also said that from a technical perspective, the price increase in gold has enabled it to break through the 200-day moving average.
Finally, Hansen predicts that if the gold price breaks through the resistance of $1,858, then the gold price may climb to $1,878 next, that is, gold may rise by $20 per ounce next.
What do you think about this? What do you think will be the price of gold next?
Note: This article was compiled by Wang Yeshuo Finance. If you need to reprint, please follow the account in advance and contact Wang Ye himself in a private chat. You can only reprint after obtaining authorization. Please reprint the original text after reprinting. No image and text transformation shall be carried out in any form of reprinting. Infringement will be pursued! In addition, the views in the article are personal opinions and are only used for learning, communication and discussion, and do not constitute investment advice! If there are any omissions or mistakes in the article, please criticize and correct me!
Thank you for your reading. Welcome to leave a message and comment. If you like our article, you can directly like and recommend it below.
