Pressure on Gold Not Over
The pressure on gold seems not over after a series of fundamental factors have caused the yellow metal to plunge to the 3100 area after having made an all-time high of $3500 per troy ounce.
Calls from Europe for accelerated peace between Russia and Ukraine will further burden gold which previously gained strength from this geopolitical factor. Although the talks between Trump and Putin have not reached a good meeting point, these steps are seen as something positive that makes the possibility of peace greater.
The price of gold itself actually experienced a fairly good boost after the attack in Gaza after Israel bombed the area shortly after the end of President Donald Trump's visit to the Middle East which did not present any agreement on peace there.
In the short and medium term, this metal is still expected to experience sideways with the possibility of a slight increase, but in the long term, gold is expected to experience a correction that may cause it to fall to the $3000 per troy ounce area.
Source: (mrv@Newsmaker)
