Gold Price Forecast - Feb 23, 2021

Trading | 6 months ago


Gold Price Forecast - Feb 23, 2021 - tradeglobalmarket

On Tuesday February 23rd, gold is trending near one week high. Gold futures were up by 0.66%. The retreat in the US Treasury yields recently and continuously rising inflation provided the support to the gold (XAU/USD) so far.

XAUUSD-01

Looking at this chart, we can see that in this month gold broke below the previous low. But now gold is getting close to $1800 level. Gold is now consolidating after two consecutive advancing days. In the last week, the rise in the Treasury yields has put a fair amount of pressure on gold. The US Dollar Index (DXY) just hit its lowest this month which also made gold cheaper for holders of other currencies. Gold is considered to be a highly valuable commodity and it has been considered the same since ages so from an investor's point of view gold is also considered as inflationary hedge.

From the chart we can conclude that in upcoming weeks we can see a downtrend in gold. So far, we have not seen a real spike in inflation expectations and hence there is no indication that gold will reverse forming an uptrend anytime soon.

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