Gold reached a new all-time high in spite of the
solid US Nonfarm Payrolls report for March,
which might delay Federal Reserve rate cuts.
The price of gold continues to be impacted by
physical demand, geopolitical risks even
increases in US Treasury yields, and the US
currency
The price of gold reached an all-time high of
2330 this week. Next week, economists will be
examining the PPI and CPI for core inflation.
Because the uptrend is still in hold the price of
gold is still being driven higher.
Right now, I have a lot of optimism on the gold
price trend that might see an ounce of gold
reach $2,400 USD. A stronger UsD or higher Us
bond yields won't stop central banks from
purchasing gold in order to diversify their
foreign exchange holdings
Next week could see additional price rises
oased on the current trend. There is proof that
an upward trend will continue as soon as a
broken support level is touched.
So, we think gold will continue to rise daily,
perhaps even beyond 2400 or 2550