The price of gold, traditionally seen as an inflation hedge, soared to a nearly five-month high last week as US consumer data posted the sharpest annual increase in 31 years. Meanwhile, analysts announced their forecasts. Cryptocoin. com we share the estimates…
Analysts drew attention to these levels for the gold price
After an uncommon seven-day streak for the metal, Craig Erlam, senior market analyst at OANDA, said: “Gold has ample support and is only making a little profit. He added that although a strong US dollar has not been a big boost for gold lately, the decline of the dollar may be somewhat supportive for prices today. Meanwhile, Saxo Bank analyst Ole Hansen said, “If gold fails to rise above $1,870 today, it might drop it to 1.830-1 as it may disappoint some investors. There is a risk that could pull it back to the $835 area,” he said.
Otherwise, the strong rise in precious metals came as a bit of a surprise to Keith Neumeyer, CEO of First Majestic Silver. Neumeyer used the following statements while commenting on the rise of gold and drew attention to the rise in silver:
This move surprised me a bit because the economy is still doing pretty well and interest rates haven’t really dropped. The metal that surprises me the most is silver. We saw oil rise above $80. Copper is over $4. Everything is moving except silver. Silver is the entity I think will play ‘catch’. I think gold will hit all-time highs. But that record probably won’t happen until next year.