Financial expert Mohamed Khair El-Din | May 12, 2023 12:57 AM
Matt Simpson, chief market analyst at City Index, said that while gold is still receiving support in general, it does not seem very happy with these gains, and it seems that investors are rushing to sell to take profits with any breach of the $2050 level at the present time, and although gold It has now fallen to correct and break the 2006 region, but it still has a strong demand area ahead of it from 2008 to 1998, from which it had previously rebounded on May 5 and rose to 2039, but with the statements of Federal Reserve officials a short while ago that the central bank should be ready to continue raising interest rates because inflation It is still very high and the labor market is very narrow, which indicates disagreements within the interest rate setting committee of the US Central Bank, which could push gold to fall to levels below $ 2000 an ounce, to find support at 1968 to 1980 again, so gold is coherent and waiting for surprises from the US Federal Reserve, which is about to To end the stress cycle in raising interest rates
And all expectations indicate an upcoming increase in the price of gold globally, as it is expected that the price of an ounce will increase globally to 2300: 2400, as Edward Morse, global head of commodity strategy at Citi Research, said that he sees gold prices in the end reaching $ 2400 an ounce globally, but he added that prices are in the long run The near future is still volatile due to a shift in interest rate expectations based on uncertain economic conditions. ING Bank experts also believe that the US Federal Reserve will maintain its tightening approach until the fourth quarter of 2023, but it will end up cutting interest rates at a strong pace, at least in the early meetings. The US Federal Reserve is likely to cut interest rates by 50 basis points at each of the November and December 2023 FOMC meetings.
This possible scenario may result from the rise in gold prices, and at that time the one who kept his gold will not lose, because experience has proven to us that everyone who kept gold for a period of not less than a year earns
Important note and risk warning: This video expresses personal expectations, and you may be wrong or right, as the financial markets are very dangerous and you may lose your deposited money or part of it.-
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Financial expert Mohamed Khair El-Din