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Gold.. All factors are appropriate, but liquidity and India are the obstacles

A weak dollar, fragile markets, and an epidemic that seems to continue for a long time, expected political crises in the United States of America and perhaps in France and Britain, very supportive factors for the rise of gold, but despite this gold continues in its attempt to rise towards the 2075 summit with successive frustrations that pushed it to rely on the double bottom 1670 More than once

The rise of gold seems inevitable, but there is something that prevents its rise, the decline of cryptocurrencies pushes many to wait for further decline in order to buy back cryptocurrencies with large trading volumes from better levels, so they always give up their gold holdings waiting for opportunities to buy promising cryptocurrencies despite everything with much greater profit rates Than gold can achieve

From India comes the successive frustrations, the decline in demand for gold to reprocess it in the marriage season, then a new record in Covid 19 injuries within one day, negative factors for gold, India consumes a large part of the global production of gold, and unlike China, which consumes part of the gold to recycle it And exporting it again, India consumes gold internally within the traditional marriage season, but with the Indian economy affected during the past two years, the demand for gold is greatly decreasing, and we are waiting for a further decline after renewed fears of the outbreak of Covid 19 this time

Technically levels of 1670 continue to provide the necessary support for gold to maintain its chances of returning to 2075, but gold will need to hold steady trading above 1757 (which is doubtful) with rising above 61.8% Fibonacci 1818 to confirm its ability to re-target 1916, i.e. talk of a rapid rise in gold before 1818 It would not make sense, nor would it be wise to bet on a drop of 1670

Link to my original article on Arincen Network

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