Despite the strength of the US dollar, gold markets stabilized after three weeks of decline, posting a rise of 0.36% despite the upcoming interest rate hike in the market.
In general, gold prices rose as markets were increasingly affected by reactions to the increasingly volatile geopolitical events. While the current price is more than $100 below the peak recorded last month's rally - when prices climbed to $2,057 an ounce - it is well above last week's low of $1,907.
Craig Erlam, chief market analyst at OANDA, explained: “The only thing that came with these high-volume hikes is recession risks, as evidenced by the inversions we're seeing now on the yield curve in the US. The 2-10 reversal is now visible to everyone and was previously a fairly reliable recession indicator.
According to gold technical analysis: Despite the strength of the US dollar, the gold market still maintains the bullish trend. Global geopolitical tensions and the return of anxiety over the Corona epidemic will remain supportive factors for the gold market.
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