February 27th 2024 – The price of Gold remains in a positive medium term trend reports Trend Intelligence, despite shorter-term sideways price action settling today at around $2030.
Trend’s Analysis (click chart to expand): Trend’s R* Momentum Indicator remains in overwhelmingly positive (and upwards trending) territory, a positive signal that would show signs of ending once the R* turned below zero. In addition, price action currently remains above all 3 of Trend’s short, medium and long term moving averages and Trend’s Japanese Cloud, in pink shading. All stated indicators corroborate Trend’s positive medium-term trend rating on the yellow metal, looking positive for weeks and months ahead.
Downside Sentiment: The price of gold is expected by analysts to remain under pressure in the near-term if inflation data readings remain high this week, with Federal Reserve officials also expected to provide commentary on interest rates according to Reuters News.
Upside Sentiment: China, the world’s largest importer of gold bullion reported the highest net gold imports via Hong Kong since 2018. Analysts also believe that in the event that interest rates are cut later this year, gold will be given the opportunity rally.
Authored by: Trend Intelligence, London
