β#StockMarket #Gold #ETFs β
π₯ Gold: the path to new highs is clear
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After the Fed surprised markets with its resolve, the dollar weakened, but gold's rally showed no signs of slowing. Gold
ETFs are gaining momentum, but there are additional upside opportunities in the coming months.
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In
vestors always turn to gold during an economic downturn or recession. The Fed's attempts to protect the U.S. economy from inflation will be a major catalyst, especially since another 50 bps interest rate cut is possible in November. Major players expect the bull market to continue after retail investors join central banks and institutional investors in boosting demand.
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In addition to spot gold speculation, we suggest looking at gold
ETFs, which offer retail investors an easy way to generate yield without owning physical gold. The World Gold Council reports moderate growth, with
ETFs increasing their holdings by $2.1 billion and currently "holding" 3,182 tons of gold, so there is good potential up to a high of 3,853 tons.
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After reaching the historical maximum in the zone of $2600, the price slowed down a bit and went into technical correction. Speculative positions on the publication of the Fed decision are closed; we can risk opening new purchases, although there are some problematic points.
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The first level sellers should watch for is around $2570, where the bullish trend line meets the strong support zone. If it is broken down, a decline to the large options of $2510-2500 is possible, and with a negative fundamental background, the price could go to the $2480-2450 zone. But even then, the global interest in buying gold is still being canceled.
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We behave reasonably and do not take risks for nothing.
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Profits to yβall!