Gold at risk of a major drop as prices at 'pivotal point' - analysts weekahead gold
With the latest inflation numbers stressing out markets across the board, gold is at a"pivotal point," according to analysts who are not ruling out a deeper selloff if gold drops below $1,800 an ounce.
"There's a major reset in how high rates will go. People are now thinking over 6%. That's significant enough that it is breaking gold's back," OANDA senior market analyst Edward Moya told Kitco News. "This is a pivotal point right here," Forex.com senior technical strategist Michael Boutros told Kitco News."If we get a weekly close below $1,807-$1,805, you risk a big drop. And you could be looking at $1,750s."
The good news for gold is that this rate re-pricing is also impacting the equity space. And if the S&P 500 and the Dow keep falling, gold might see some support as the safety trade, Boutros noted."That should put some sort of floor under gold's price," he added. The volatility in the gold market is far from over, as prices can fall as quickly as they recover, said Gainesville Coins precious metals expert Everett Millman.
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