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π Market, why is gold falling?
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t is generally accepted that the California Gold Rush began on January 24, 1848, after the discovery of the first large nugget by James Marshall and continues to this day. Now the market price of gold is determined only by fundamental factors, and the political situation forces speculators to act extremely carefully.
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The prospect that the Fed could pivot in May is situationally strengthening the dollar. Before the meeting on January 30-31, all market assets involving gold are under selling pressure amid waning hopes for a recession. Moreover, bears actively use any negative comments from Federal Reserve officials.
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However, forecasts indicate continued stable demand for gold this year from central banks and the jewellery industry, as well as retail investors interested in both physical gold and ETFs. Moreover, the escalation of military conflicts traditionally pushes investors towards safe-haven assets.
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We are sure that gold will definitely move up, but you shouldnβt count on quick billions - there are no factors for too active growth yet.
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The most patient traders can still wait and start from the strong support of $1940, but it is necessary to carefully analyse the volumes - the advantage of the bulls should be significant.
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A breakout of the high at $2030/42 will be a strong incentive for purchases, but the next levels β $2050/62, $2080 and the large options zone of $2150 will be passed in the standard mode, with the necessary corrections and pauses.
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Follow our forecasts and you will be able to survive the next Β«gold rushΒ» without serious losses.
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Profits to yβall!