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Exposure of Turkey's "people's gold reserve": 500 billion dollars worth of Gold is sleeping under the bed!
Due to a lack of trust in the local currency and Financial Institutions, the Turkish people are hiding 500 billion dollars worth of Gold under their beds. The severe premiums have led to rampant smuggling, and authorities have previously discovered 88 kilograms of gold bars under car seats...
How will Gold prices move after the major fluctuations? FXStreet's Chief Analyst gives a technical analysis of Gold, focusing on these important resistance and support levels.
During the Asian trading session on Tuesday, the spot gold price was near $3,331 per ounce; the previous trading day saw extremely volatile movements. FXStreet Chief Analyst Valeria Bednarik noted that gold maintains a short-term downward bias, with an upper limit of $3,350 per ounce.
Trump's tariff news is huge! Gold prices are experiencing a super V-shaped rebound. How should one trade Gold next?
On Monday (July 7), during the European and American Trade session, spot Gold rebounded sharply from its low point, ultimately closing relatively flat for the day. The main reason was U.S. President Trump announcing a 25% tariff on Japan and South Korea starting August 1, which boosted demand for safe-haven assets; however, the strengthening dollar limited a more significant rebound in gold prices.
The central bank has increased its Gold reserves for eight consecutive times. Is the trend of Gold prices still optimistic in the second half of the year? Institutions remain Bullish about the subsequent performance.
Since November of last year, the People's Bank of China has increased its Gold shareholding for the eighth consecutive month; combined with the uncertainty of Trump's policies, this may continue to push up Gold prices in the second half of the year and even into next year.
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