Analysts say that the potential gold is in the most powerful market amid the accumulation of the central bank and the weakness of the US dollar
Understanding pays the gold price momentum, according to analysts in a newsletter in Capital Copy Markets.
The official account of the Kobeissi message on the social media platform x Notes This year, gold had performed the performance of the S&P 500 by about 10 % since 2020.
“However, with an increase in uncertainty, GLD now increased +109 % since 2020 compared to +74 % in S&P 500. However, why gold prices rise even with the market recovery? Understanding is still the answer.”
Analysts also Note Gold funds witnessed about $ 8 billion in net flows three weeks ago, which is the total set of records that they say refers to “a continuous journey to safety.”
“As a result, the moving average has jumped for four weeks to flow to approximately $ 4 billion, which is also the highest level at all times. This is most likely the most powerful gold market ever.”
They also say that the purchase of the central bank is still “historically strong”. Newsletter Notes That andOreigen’s wives of treasury bonds as a percentage of US government debts decreased to about 23 %, which is the lowest level in more than two decades.
Analysts, who, quoted from the data of the OTAVIO Costa strategist, also notes that gold holders as a percentage of global reserves rose to about 18 %, the highest level in 26 years.
Copy’s message also Indicate The US dollar index (DXY) recently decreased to its lowest level in 52 weeks. DXY measures the strength of the dollar against a basket of other major foreign currencies.
“The US dollar, DXY, has weakened almost 10 % since the trade war began. The weakest dollar makes the gold that global cracks offer cheaper for foreign investors. Gold is almost like a pioneering union for definitions.”
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