According to market analysts, gold is officially in a bear market and prices could remain suppressed over the next few weeks.
Gold 'Clearly Turned Bearish' Says Societe Generale as TD Securities Strategists Expect Further Downside
According to market analysts, the precious metal gold is officially in a bear market and prices could remain suppressed over the next few weeks. Moreover, while the macroeconomic backdrop has been gloomy, the popular safe haven asset has lost 17.50% in value against the U.S. dollar during the last four months.cryptocurrency economy
is experiencing a bearish downturn as some of the top digital currencies have lost anywhere between 65% to 90% in value. The well known safe haven and investment asset gold has also been dealing with a downturn, ever since the precious metal tapped an all-time high at $2,074.60 for one ounce of fine gold on March 8, 2022. Gold is currently trading forAccording to Kitco’s Neils Christensen on July 18, analysts at TD Securities havethat gold has some pressure to deal with over the next few weeks.
On Monday, Kitco’s Christensen further explained that “for the first time since May 2019, gold’s speculative positioning has turned net short by 6,133 contracts.” Société Générale’s commodity analysts have also stated that the “gold market clearly turned bearish.” Additionally,note that Ukraine has sold billions in gold reserves since the start of the war with Russia.
“We are selling so that our importers are able to buy necessary goods for the country,” Rozhkova detailed in a statement on July 17.Furthermore, at the end of June, the U.S. and a group of seven leaders
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