Analysts: Gold is continuing to rally amid a normal pullback

Gold prices are on track for a third straight week of gains after five consecutive sessions of record gains, but the rally came to a halt on Friday as the market focused on the U.S. non-farm payrolls data, which could provide more clues on the Federal Reserve's monetary policy trajectory. Luca Santos, an analyst at Acy Securities, said that gold prices will continue to rise amid a normal correction, with a falling dollar, investors' expectations of a Fed rate cut this year, economic uncertainty and escalating tensions in the Middle East are all factors driving the market, especially for gold. Hugo Pascal, a precious metals trader at Inprove, said that gold is trading in overbought territory, and he believes that there is a good chance of a correction in gold prices in the coming days, with the first target at $2,250.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)