Following the recent bounce in early January after the global equity sell-off, gold has the potential to improve in its “safe-haven” appeal.
However, public confidence in the Federal Reserve’s intention of raising interest rates another four times this year will repeatedly limit how much gold can recover losses.
“We now see the area just above US$1,110 as major resistance and until we close above this level, the investor focus will still be geared towards selling the rallies rather than buying the dips,” said FXTM chief market analyst Jameel Ahmad in a note on Thursday.
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However, public confidence in the Federal Reserve’s intention of raising interest rates another four times this year will repeatedly limit how much gold can recover losses.
“We now see the area just above US$1,110 as major resistance and until we close above this level, the investor focus will still be geared towards selling the rallies rather than buying the dips,” said FXTM chief market analyst Jameel Ahmad in a note on Thursday.
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