Gold in Anticipation of Growth Momentum
The correction in the yield of 10-year US Treasury bonds and the growth of the dollar index provided a slight rise in the price, but quotes have previously found resistance in this area. So far, it does not seem that gold has received a significant boost for further serious growth. The Fed last week repeated its pledge to keep its interest rate target near zero and said it expects stronger economic growth and higher inflation this year.
According to Bloomberg, total holdings of gold-backed exchange-traded funds continued to decline in the past 30 days and fell to a nine-month low, down 9% from last year's peak. China has become the only region that has so far resisted this trend. The volume of stocks of the precious metal in ETFs in this country increased in February to a record 68.6 tons after investors faced turmoil in the local stock market.
At the moment, gold is consolidating in the neutral zone, and despite a slight improvement in the technical outlook, there are no obvious factors in favor of growth. Analysts are waiting for a strengthening to the resistance of $ 1,765 per ounce, after which we can consider the growth potential to the key level of 2000.