Gold headed for its best week since December amid a retreat in bond yields and a report that top buyer China may import more of the metal.
spot gold price forecast 2021 : Gold bulls take a breather after the 2% recovery rally witnessed on Tuesday. The haven demand for the US dollar has returned amid a cautious market mood, as investors await the House of Representatives vote on the Senate’s $1.9 trillion stimulus bill this Wednesday.
Gold prices continued to consolidate on Wednesday after hitting resistance. The dollar gained traction as the 10-year yield retraced some of its recent gains. U.S. CPI rose in line with expectations, according to the Labor Department. The House of Representatives moved forward with a vote on the second impeachment of President Donald Trump.
Spot Gold Below $1703 Downside Target $1690—$1682 – Don’t Panic @ Lower Level
Gold could reach $2,000 this year
An inverse head and shoulders pattern forms when an asset makes a low, a lower low, and a higher low – it implies a bottoming and change in trend direction.
The central bank announced on Monday that it would stop buying gold starting April 1, but didn’t explain the move. Analysts say Russia already has a lotof gold stashed in reserves and likely doesn’t need more.