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What our experts say

Gold bulls take advantage of crypto volatility

Hussein Sayed
Chief Market Strategist
24.05 @ 10:19 GMT
Hussein Sayed

Gold is benefiting the most from the slide in cryptocurrencies and fears of growing inflationary pressures with central banks maintaining their dovish stance.

Prices are currently hovering near an 18-week high and is challenging the $1,900 resistance level. Given that gold has broken above the downtrend line from August and crossed above the long term 100- and 200-day moving averages, the bullish outlook remains well in play.

Fundamental factors are also supportive with money managers boosting their purchases according to data from the CFTC which saw net-long positions reaching a 16-week high.

Unless we see a surprising upside in the US dollar or US government yields, there isn’t much to suggest the momentum is fading anytime soon. 

Disclaimer: This material is comprised of personal opinions and ideas. It should not be construed as an investment recommendation or a solicitation for any transaction. It does not imply any obligation to purchase investment services, nor does it guarantee or predict future performance. Exinity, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.

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