It seems that gold is unable to rise and surpass the barrier and resistance point at $ 1800, after approaching it in some trading sessions this week, it fell by the end of trading to $ 1777, a drop of 0.93%.
In Egypt, prices stabilized at levels of 780 pounds per gram of 21 caliber, which is the best-selling in Egypt, with a limited drop at the end of this week's trading sessions, at a value that ranged between two pounds to 3 pounds.
Gold tried to start more than once this week to the levels of $ 1800 an ounce, but more than once faced profit-taking operations at the point of $ 1795, which led to the difficulty of continuing the rise and achieving the $ 1800, which is the next resistance point.
Gold since the beginning of the year has been unable to move strongly for many reasons, including the widespread vaccination operations around the world in order to return to normal life as soon as possible, and the improvement of US economic data, which indicates the speed of economic recovery faster than we expect.
And the high yields of US Treasury bonds, which in itself affected the rise of the dollar index and raise its value against the rest of the major currencies, and the strength of the digital currency market, on top of which is Bitcoin, which was rising madly until it reached 64 thousand dollars per bitcoin, which contributed to pulling the rug from below Feet of gold and safe haven assets.
And the calm of geopolitical problems, which was believed to be solved with the presence of a new US administration aspiring to take control of matters to solve them, all this led to the loss of gold prices about 9% of its value in the first quarter of this year.
Despite the previous factors, it was noticed that recently there were some factors that strongly support the price of gold, which were represented in the failure of some vaccines and the emergence of a new strain of Corona in India and the lack of effect of the Pfizer vaccine on the Corona strains in South Africa and the cessation of the use of some vaccines such as AstraZeneca & Johnson and Johnson due to the emergence of some of its side effects, and the talk of US President Joe Biden about raising taxes on the rich
Also, the stimulus policies pursued by the new US administration partly supported the rise of gold in the past two weeks, as the Fed sought to raise inflation to stimulate economic growth.
And the recent liquidation in the cryptocurrency market, led by bitcoin, which fell by 9% on Friday to record the worst weekly loss in two months, contributed to some gold's rise, and some argue that it was pulling the rug from under the feet of gold as a safe haven in the face of inflation.
Gold last week achieved its highest price, which is $ 1797.75, with reversal movements resulting from profit-taking operations, reaching the lowest price it reached this week, which is 1763.5, to stabilize conditions at $ 1777.
Expectations indicate tomorrow that gold will reach above $ 1797 and that the price of gold throughout the week is above the $ 1765, which is a strong indication of the ease of achieving the $ 1800 per ounce, but beyond the $ 1800 is the most important, as if prices are fixed above this average, the game will change and the channel will change. The descending and entering into the rising channel, from which access to the 1900 will be easily according to expectations, and these numbers are subject to continuous change.
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