Jakarta, CNBC Indonesia – Gold prices continued to fall and ended the upward trend for the past two days. On Friday (18/3/2022) at 14:15 WIB, the world gold price on the spot market was at US$ 1,933.80/troy ounce. Weak 0.46% from the previous day.
The price of gold rose 0.76% in yesterday’s trading to US$ 1942.64/troy ounce. The day before, the price of the precious metal rose 0.52% to US$ 1,927.93/troy ounce.
The two-day increase had become a breath of fresh air after the metal began to decline steadily since last week. “The situation in Ukraine is not as scary as previously thought. Concerns that are happening right now are not enough to make people buy gold to get safe assets,” said Matt Simpson, senior market analyst at City Index, as quoted by Reuters. Reuters.
Gold prices have fallen sharply this week, mainly due to the Fed’s rate hike. Rising interest rates hurt gold holders because gold does not offer a yield. The Fed is likely to raise interest rates again six times this year to 1.75-2.%.
Wang Tao, Reuters Market Analyst says gold is testing resistance at US$ 1,948/troy ounce. An increase above that level could bring gold to the range of US$ 1,960-1,979/troy ounce.
The price jump from its low of US$1,894 on Wednesday (16/3/2022) may end the first wave. Wave [B] which is now expected to end in the range of US $ 1,922-1,929/troy ounce and that will be reversed by a wave [C].
If the gold price is able to return to the level of US$ 1,941/troy ounce, it will trigger a reversal that could continue to US$ 1,976/troy ounce. The current price trend may continue the price to the range of US$ 1,673-1,825/troy ounce.
CNBC INDONESIA RESEARCH TEAM
(mae / mae)
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