(VIANEWS) – Gold (GC) is currently on bullish momentum. At 20:50 EST on Sunday, 2 October, Gold (GC) is at $1,672.90 and 2.68% up since the last session’s close.

Why is Gold future going up?

Gold continues to languish near its major lows. It is out of favor among traders and investors. This is troubling given that this commodity is a leading alternative investment. But the big question is why is gold ignoring the first super-spike in inflation since the 1970s, which should drive huge demand for gold and a major upleg? Heavy gold-futures selling has delayed this classic inflationary response. Once that reverses, gold will continue its upward trajectory.

The gold-futures bear market has been plagued by heavy-to-extreme selling since mid-April. The massive selling by speculators has fueled a growing bearish psychology. But these bearish prices are nothing but a futures-distorted anomaly and are fundamentally unjustified. When gold-futures buying resumes, the bull market will reappear and gold prices will explode again.

According to the Worldbank, gold prices are under pressure due to falling demand for financial assets and rising U.S. real yields. While gold demand is recovering from the drop after the Corona crisis, analysts believe that demand will remain below pre-pandemic levels. However, gold production is increasing, and analysts expect it to continue expanding through 2022. This means that gold prices could hit $2,000 per ounce within five years.

Gold is considered a safe haven investment. As a hedge against inflation and negative interest rates, it is an excellent option for investment. Furthermore, it is a good option for investors who fear the stock market and are unsure of the future of the economy.

Volume

Today’s last reported volume for Gold is 6706, 99.99% below its average volume of 21430090764.73.

Gold Range

Regarding Gold’s daily highs and lows, it’s 2.714% up from its trailing 7 days low of $1,628.70 and 0.683% down from its trailing 7 days high of $1,684.40.

Volatility

Gold’s last week, last month’s, and last quarter’s current intraday variation average was 1.06%, 0.51%, and 0.80%, respectively.

Gold’s highest amplitude of average volatility was 1.06% (last week), 0.86% (last month), and 0.80% (last quarter), respectively.

Commodity Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Gold’s commodity is considered to be oversold (<=20).

More news about Gold (GC).

LEAVE A REPLY

Please enter your comment!
Please enter your name here