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Thursday, October 5, 2023

Slight growth: stock analyst Bagmanov on the behavior of gold

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The publication states that gold shows positive dynamics, albeit small. “Economy Today”.

“Gold traded slightly higher 0.3% from $1,940 to $1,947 on May 26,” he says. “Today, May 29, gold is trading at around $1,946 – no major change, no major reaction.”

The Observer adds that it is expected to publish a core index of personal consumption expenditures.

Prices are currently down, but have managed to recover and hold, with the market predicting the possibility of the Fed raising rates 65%. Yields on ten-year US bonds remained unchanged at 3.8%, with the DXY dollar index at 104 points.

“There are a lot of important statistics coming out this week,” the expert continues. – Everyone is waiting for an agreement on the debt ceiling to be signed in the US, and data on the number of vacancies will be released on Wednesday, May 31. On Friday, June 2nd, data on the labor market, which is also very important, will be released – figures on unemployment and the number of jobs created in the non-agricultural sector.

The analyst states that gold prices fell below the support zone of 1950-1970 dollars per ounce.

“And if they manage to hold on, they’ll be in the 1870 to 1950 dollar range per ounce,” predicts Alexander Bagmanov.

As previously reported, the State Duma condemned the proposal to allow the Russians to mine alluvial gold.

Source: Riafan

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