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Why gold remains in a “long-term uptrend”
26.06.2024, 12:36
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The price of gold was unremarkable this morning, falling by 0.1 percent to 2,317 dollars.
In mid-February, the troy ounce was still trading well below the $2,000 mark. According to market analyst Priyanka Sachdeva of Phillip Nova, gold remains in a long-term uptrend. In the short term, the price is likely to consolidate in the $2,300 range before the important PCE inflation report is published in the USA on Friday.
The gold price is likely to be supported by robust forecasts for continued purchases by central banks. The precious metal has recently been trading sideways. On the one hand, it was sought after as a safe haven, but on the other hand, the narrative of higher interest rates prevented any upward movement.