Market resistance and the gold price trend!

In the reply with our media bureau, Sachin Kothari, Director at Augmont Gold For All, said by analysing the week ended and the gold trend, “this week (the week ended on November 17, 2023.), gold prices have increased by 3% and close to $2000 again as expectations on a definite US Federal pause have been bolstered by lower-than-expected U.S. inflation figures.

Demand for safe haven assets increased as worries about an oncoming global recession were raised by the Eurozone’s and Japan’s weak economic reports. The largest lift to the yellow metal, however, came on Thursday ( November 16) when numbers revealed that, for the fourth consecutive week, U.S. jobless claims increased more than anticipated, indicating a further weakening in the labour market.

The bulls in metals are focusing on how the Fed’s more accommodating policies are continuing to weaken the currency, driving down Treasury rates, and increasing demand for gold globally now that interest rates may have peaked. The next resistance for Gold is $2018 (Rs 61500) and $2045 (Rs 62500).

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