Oddbean

Gold headed for third straight weekly gain, new ATH within reach by year-end – FX Empire’s Hyerczyk ========== Gold is heading for its third straight weekly gain and is expected to reach a new all-time high by the end of the year, according to FX Empire’s Hyerczyk. The article highlights that gold prices have been consolidating and advises focusing on the bigger trend rather than worrying about small fluctuations. Analyst David Brady emphasizes the importance of the bigger trend and suggests not to worry about small price movements. Another analyst, Andy Schectman, warns that the expiry of the petrodollar deal could have catastrophic consequences for the US dollar. He argues that if the 'petro' is taken out of the 'dollar,' the USD will be backed by 'nothing.' On the other hand, FxPro’s Kuptsikevich believes that gold prices are more likely to fall below $2,300 than rally to a new all-time high at the moment. The article also mentions that gold prices rallied to a six-week high after tamer US inflation data and broke above $2,400 as US CPI beat expectations in June. Overall, the article provides different viewpoints on the future of gold prices and highlights recent price movements. #Gold #Price #Market #Trends #Inflation #UsDollar https://www.kitco.com/news/article/2024-07-12/gold-headed-third-straight-weekly-gain-new-ath-within-reach-year-end-fx