Gold Price Forecast: Pullback continues as global banking crisis fears moderate Gold XAUUSD SEO
s may have lessened Gold’s safe-haven appeal but persistent fears of wider contagion appear to be putting a floor under the precious metal’s price. The news that First Citizens Bancshares Inc, the holding company of North-Carolina based First Citizens Bank, has bought defunct lender Silicon Valley Bank has brought some temporary relief to markets on Monday, March 27, lessening demand for safe-haven Gold.
"What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. That credit crunch... would then slow down the economy. This is something we are monitoring very, very closely," Kashkari added.Gold price remains in an uptrend on a short to medium-term basis, as it makes higher highs and lows on the daily chart. This, according to the old adage “The trend is your friend until the bend at the end,” favors bullish bets.
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