Market's view on Pan African
Published on April 2024
- Discussion highlights how the BRICS currency’s success is influenced by physical gold deliverability, which pressures Western central banks to reevaluate their gold price predictions.
- Observations note that the gold price surged to $2417 amid Middle East tensions but later corrected, influenced by the Fed’s decision to maintain interest rates and China’s continued accumulation of gold reserves.
- Vietnam’s central bank is set to resume gold bar bidding after 11 years to stabilize domestic and international price differences, aiming for a transparent and effective market.
- Analysis points out that gold remains technically overbought yet could continue rallying due to strong fundamentals, with potential targets around $3000 if geopolitical tensions and economic factors persist.
- It is mentioned that despite a strong US dollar, gold prices are bolstered by ongoing Middle East tensions, specifically between Iran and Israel, supporting a bullish outlook for gold with significant support and resistance levels identified.
- Comments suggest a potential upward revaluation in stock prices due to profit gains from high gold prices.