According to Mr. Darin Newsom - senior market analyst at Barchart.com, the current trend of gold is still very clear.
Based on the principle that a market that is trending will continue to follow that trend until strong enough external impact appears, I have not seen any signs that gold's upward momentum will soon end, especially when buying power from investors and central banks is still very strong" - he said.
Sharing the same view, Mr. Rich Checkan - Chairman and CEO of Asset Strategies International - said that entering the new year does not change the fundamental factors of the gold market.
Central banks are still buying gold. Geopolitical tensions in many regions of the world remain high. The USD weakens, interest rates remain low, and investors continue to turn to gold as a safe haven," he said.
Mr. James Stanley - senior market strategist at Forex.com said that the $4,500/ounce mark may be a psychological barrier, but there is no sign that the upward trend has ended.
Prices are still well supported every time they adjust. I will continue to follow the current trend until the market issues a reverse signal" - he said.
Meanwhile, Mr. Adam Button - Monetary Strategy Director at Forexlive.com said that the geopolitical context and changes in the global economic order are creating major impacts on the USD and the gold market.
According to Mr. Button, tensions and instability in the world are forcing many countries and investors to reconsider their excessive dependence on the USD in reserves and international transactions.
In the context of increasing political and economic risks, many countries tend to seek to diversify foreign exchange reserves, and gold is one of the important options," he said.
He also believes that important US policy decisions in the coming time, including issues related to trade and tariffs, could become key factors that strongly impact gold prices.
Just major changes in the policy environment, the gold market can completely witness very strong fluctuations" - this expert said.
According to Mr. Button, in the context of prolonged instability and continued challenges to confidence in the global financial system, gold still plays an important refugee asset role.
The answer to those uncertainties can be directly reflected in gold prices, with a very large fluctuation range" - he said.
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