Gold Price Analysis

date: Mon, 1 Feb

Gold and oil price are extremely related. As a result, Petrobon price analysis team provide gold price analysis in order to get a clearer view of oil price.

Gold once again hit the $ 1877 range last week and then fell sharply to $ 1846. This week, last month’s US unemployment rate and average income will be announced, which is itself a stimulus for fluctuations in global gold. Forecasts indicate there will be no change in the unemployment rate. But hourly earnings are expected to rise, which itself can be a factor in the return of the economy to the previous situation. On the other hand, with the increase of vaccination, the prospect of a return to the economy before the corona has become stronger.

Technically, gold can fluctuate this week in its support range ($ 1820-1840), and if the price falls below $ 1820, gold will be expected to fall further.

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