Weekly gold analysis
◽️During the last trading week, gold touched a high of $1,985 on Wednesday. And even though prices saw a drop Thursday, gold futures are ending the week up 1.2%
◽️Gold price has risen due to both inflation and geopolitics, and the short-term movement for gold is still positive.
◽️Gold uptrend may be limited as the central bank’s determination to raise interest rates
◽️The bearish sentiment leaned towards a pullback next week as investors look to take profits after the last bullish gains
◽️Gold prices have risen due to risks and inflation, but downward pressure is ahead
◽️Technically, after the price past the $1,980 an ounce level, this was a sign of strong interest in the metal
◽️Reducing geopolitical tensions or moderating inflation could also cause gold prices to fall.
🔻 Those who expect lower prices for gold, are confident that they have a good profit and support higher prices going forward.
🔻 One long-term driver remains the global central banks, which are being backed into a corner by high inflation