Last week’s statement made by the Federal Reserve (Fed) and other central banks turned out to be much more aggressive than expected. In that regard, there was a slight decrease in gold and silver prices. The precious metals market remains uncertain. Central bankers expect interest rates to peak at higher levels and for a longer period of time.
ANZ Bank strategists said that prices usually are under pressure ahead of a recession. However, gold shows positive dynamics and outperforms other markets, such as the stock market, during economic downturns.
The period of decline in some world’s economies is already on the verge, therefore the revaluation of gold may have already begun.
Gold prices continue to exceed the stock market, which was declining for the second half of last week.
Gold also attempts to overcome a round level of $1800, as well as the Fibonacci level. Overcoming both of these important levels opens the way to the continued growth of gold to $1847.