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Each opinion spans six months of trading activity and drives prices using 13 different technical indicators. The Opinions uses 5 years of historical data and manages these prices using thirteen different technical indicators. After each calculation, the program assigns a buy, sell, or hold cost to each study, depending on where the price is based on the study's overall interpretation. Barchart's views show traders what the various popular trading systems offer in terms of going long or short in the market.

Short-term group indicators are usually used to interpret price action over the past 20 days. Long-term indicators interpret price movement over the past 100-200 days. For futures contracts, the measurement uses the last 100 trading sessions.

In regular markets, gold futures prices are higher than spot prices. There is often a difference between the spot price of gold and the futures price. Prices rise when inventories are low and demand is high; however, gold prices are most affected by interest rate and currency fluctuations.

Traditionally, currencies stronger than the US dollar have lower gold prices, while currencies below the US dollar have higher prices. Currently, most forex brokers offer gold for trading against other currencies such as the euro, Swiss franc and Australian dollar. There are five major precious metals that are openly traded on various exchanges, with gold being the largest market.

One troy ounce of gold is the same all over the world, and for larger transactions, the price is usually quoted in US dollars, since this is the most active market; however, the value of an ounce of gold may be higher or lower depending on the value of the national currency. The Kitco Gold Index is the price of gold measured in non-US dollars. The indicator below is the correlation coefficient between the precious metal and US10Y.

Gold has been trading at the bottom of the Pitchfork channel taken since early December as shown on the daily chart. Last week started with gold strengthening as the yellow metal rose to the 1850 resistance level on the chart. But that was quickly erased by another injection of weakness around the FOMC rate decision.

U.S. inflation hit a 31-year high of 6.2% in October, providing additional support for gold as insurance against inflation. Rising inflation and negative real interest rates have protected gold from losses, even though discussions on the Fed have ended for more than a year. "We believe negative real interest rates could keep gold prices around $1,800 an ounce in the first half of 2022 despite breakeven U.S. inflation. Analysts at Australian bank ANZ expect gold to find support in the first half of next year, but The Fed faces downward pressure when it is expected to raise interest rates later this year.

The Fed's commitment to raise interest rates several times in 2022 poses a significant threat to the gold price. Analysts are divided on the direction of the gold price in 2022, but most believe it will depreciate over the course of the year as central banks plan to raise interest rates. Gold price forecasts for next year vary among analysts depending on how they expect the market to react to inflation and central bank policy.

Gold prices are rebounding from new monthly lows on the last trading day of the month, but a tough economic calendar coupled with a continuation of the rate hike theme keeps attention on the short side of gold prices. Gold prices set a new one-month low on Friday, as the bearish reversal that began on Tuesday continued through the Fed into the rest of the week. Gold prices are down almost 4% from their monthly highs due to a bearish technical pattern last week threatening a deeper correction in the precious metal. Gold prices fell sharply last week and oversold readings quickly appeared on the four-hour chart.


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