Bank

Gold

Singapore City, Singapore, April 24th, 2024, FinanceWire 
FBS, a leading global broker that has recently launched an <a href="https://upgraded-app.fbs.com/?utm_source=prcomms&amp;utm_medium=pressrelease&amp;utm_campaign=gold" rel="nofollow noopener" target="_blank">upgraded FBS app</a>, projects gold price surge to $2,800 per ounce by the close of 2024. FBS financial market analysts have identified the pivotal factors driving the bullish trend for gold and covered the potential strategies for CFD traders. 
Gold is among the assets characterized by stability and resilience in the financial markets, making it an appealing instrument for investors. FBS analysts foresee an upward trend for gold in Q2 and on until the end of the year. They associate the bullish tendency with significant central bank buying, continued inflationary pressures in the global economy, and increased demand for gold from non-institutional investors. 
Central banks worldwide are actively fortifying their gold reserves, signaling a strategic shift towards safer assets in the context of escalating geopolitical tensions. FBS financial market analysts point out that hedging and diversification of reserves has recently become typical of the People’s Bank of China, the Monetary Authority of Singapore,&nbsp; the Reserve Bank of India, the Central Bank of Turkey, and others. 
Inflationary pressures stemming from aftershocks of the global pandemic, military conflicts, rising oil prices, and complications within prominent maritime trade routes push gold prices further. According to FBS analysts, inflationary pressures are increasing the attractiveness of gold as a hedge against currency devaluation and declining purchasing power. 
Non-institutional investors are increasingly gravitating towards gold as a store of value and a means of portfolio diversification. Total gold demand, including over-the-counter markets, surged to historic highs in 2023, fueled by economic uncertainty and evolving investment preferences, particularly in China. 
Another critical factor affecting the increased demand for gold is the interest of non-institutional investors. Financial markets analysts from FBS indicate that the total gold demand, including OTC markets, reached a new annual record in 2023 at approximately 4,899 tons. FBS analysts suggest taking a closer look at China’s gold market, which is experiencing a noticeable surge in demand, to understand the current trend better. 
Looking closely at the XAUUSD trajectory in the weekly timeframe, FBS analysts underscore a bullish trend. Gold has updated its ATH, and the price is actively testing the $2,400 resistance, corresponding to 161.8 Fibonacci. If XAUUSD manages to break this level, investors can expect gold to rise further to $2,800, which coincides with the 261.8 Fibonacci level. However, if there is a correction, the price may fall to the support at $2,200 and then rush up to $2,800. 
Regarding trading strategies, FBS’s experts stress the importance of prudent risk management amidst bullish market conditions. Strategies such as controlling position sizes, limiting trade deposits to 2-10% of the total portfolio, and employing stop-loss orders are recommended to safeguard capital and encourage diversification. These actions can be easily performed at the enhanced <a href="https://upgraded-app.fbs.com/?utm_source=prcomms&amp;utm_medium=pressrelease&amp;utm_campaign=gold" rel="nofollow noopener" target="_blank">FBS app</a>, which allows traders to seize market opportunities on the go, anytime. Additionally, FBS analysts recommend aligning with the prevailing market trend and utilizing technical analysis tools like moving averages, RSI, and MACD. 
Disclaimer: This material does not constitute a call to trade, trading advice, or recommendation and is intended for informational purposes only. 
<h5>Contact</h5> 
FBS Press Office press@fbs.com

FBS Financial Market Analysts Forecast Gold Prices to Rise to $2,800

WalletInvestor

Other articles published on Apr 24, 2024

Crypto Market Shakeup? New Whales Invest 2X More Than Established Players

Breaking: Binance Founder Changpeng Zhao Likely To Face 36 Months In Prison

Potential Shiba Inu Rally as Selling Slows, Uniswap & AI Altcoin Strengthen Position

Manchester City to release digital collectibles through multi-year partnership with Quidd

Top 5 NFT Marketplaces On Solana This Week By Volume – Magic Eden Takes The Top Spot

Shiba Inu Coin: SHIB Burn Spikes 2200% Igniting Bullish Sentiments, $0.000036 Ahead?

Join our free newsletter for daily crypto updates!