Gold Slides Back in Early Trading Hours to The $1800 Level

Tech analyst Gary Wagner believes Friday’s solid bounce back is a dynamic pivot and a key reversal to the gold price. Gold slid back above the 1,800 dollar mark during early trading as the dollar advanced against the euro as markets continue struggling with inflation and recession concerns.

The gold price is down by $9 @ $1801.50, with silver following in a downwards position of 24¢ at $19.80. The US dollar index has increased by 10.4% year to date, leaving gold at its highest level. Despite the headwind of the dollar, Wagner still sees the solid bounce on Friday to the $1783 level as the dynamic pivot to reverse the gold market.

Furthermore, ANZ Bank economists predict that gold will find the support it needs at the current price levels. They even feel this with the aggressive rate hikes with the stronger dollar, it will get the backing it needs.

ANZ Bank also predicts that the stock market weakness and continuing geopolitical uncertainty will support the investor’s demand. Therefore, there will be an upside potential to reach the $1900 per ounce price, according to another post on FXStreet.

According to FXStreet, it all comes down to the rising outlooks of the rate hikes, with the stronger dollar giving headwinds for the precious metal. So, with the price of gold climbing and if you are in a tight spot, now is the time to dig into your gold safe-haven currency to make some quick money.

At Melbourne Gold Company we are leading gold buyers in Melbourne. We offer the highest rates guaranteed for all unwanted gold jewellery items. We also buy items such as gold bars, gold coins, and gold nuggets. We have friendly, trained staff waiting to assist you.

Our staff will test your items in front of you and offer you cash on the spot. So for that reason, if you are in a tight spot today, visit us online to check the gold spot price today. And pay us a visit at our shop to get the best prices for selling your gold to us.