Bloomberg Mike McChelon, the main strategic expert of commodities, predicts that gold can target another record as the yellow metal seeks to create its value over the sign of $ 3000.
According to McGlone, the next goal of Gold lies at 4000 dollars and can be affected by the low prices of risk assets, decrease in treasury revenues, and an increase in global economic uncertainty. mail On March 21.
McGlone noted that gold has the ability to gather more if the Treasury Department’s revenues in the United States decrease. It is currently hovering about 4 %, cabinet bonds may face pressure, especially compared to government bond tables in China and Japan, which is still less than 2 %.
The expert added that this contradiction can push investors towards alternative investment assets such as gold, which historically benefits from the decrease in real interest rates.
On the other hand, the safe field feature of valuable minerals can prove valuable if the stock market records its lowest levels. Although the market ended the last trading session in a high note, the total feelings remain declining with the uncertainty surrounding President Donald Trump’s definitions on investors.
Based on McGlone’s expectations, investors are likely to turn into defense if the stocks bear more losses. In this scenario, gold is likely to be the assets specified to keep wealth due to its place in its store.
Meanwhile, the strategic expert also indicated that if the origins of the risk remain like cryptocurrencies, there may be a transformation in the capital to gold, which helps to push the metal towards a sign of $ 4000.
As Finbold reported, McGlone suggested that if the external flow of risk assets such as Bitcoin (BTC) is sustainable, the digital currency may decrease to $ 10,000. Nowadays, Bitcoin remains in integration less than $ 90,000.
Gold prices analysis
Gold stopped its last momentum after reaching a very expected $ 3,000 sign. As of the time of the press, the value of the commodity reached 3,023 dollars, a decrease of 0.68 % for the day. However, last week, the metal gathered 1.2 %.
It is worth noting that the gold momentum has slowed partially faded through the last interest rate decision in the field of federal reserves, which chose the institution to maintain the current prices.
From a technical perspective, trading expert Axel Kibar note at X mail On March 21, gold is currently testing resistance at the upper limits of its emerging pillar, just above 3000 dollars.
He noticed his analysis that after penetrating $ 2070 and $ 2,240, the metal remains in a strong upward trend, with the support of the 200 -day moving average (MA). If the resistance persists, the withdrawal can be to $ 2,500. However, the breakdown can push gold to its highest new levels.
In general, feelings about gold are still optimistic, driven by geopolitical tensions, including the conflict in Gaza, and the ongoing economic uncertainty.
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