A Weak Dollar Is A Strong Pivot For The Price Of Gold – ForTrader.org Financial Magazine

Gold continues to consolidate after updating local highs this week. A troy ounce is trading at $ 1891.80 on Friday morning, May 28, and may balance between $ 1888-1900 in the short term.

The US dollar has not strayed far from the 1.22 milestone against the euro, while maintaining a fundamentally weak position, which provides gold with a solid foothold. At the same time, the need of global investors for a safe asset, which is gold, has dropped sharply – the volatility in the cryptocurrency sector has decreased, and the panic has left the quotes.

Industrial demand for precious metals remains limited while global economies are recovering too slowly. This is holding back the formation of a strong long-term uptrend in gold, although in general its outlook remains favorable with the possibility of moving towards $ 1950 per troy ounce.

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