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Gold price expectations in the first week of 2021 ... an expert answers



The price of gold closed in the last week of 2020 at a noticeable rise at the global level as well as in the Egyptian market, as gold approached globally high levels, almost the highest in the second half of December 2020, and also in the Egyptian market, gold witnessed a rise of 7 pounds in each caliber Different calibers in the Al-Sagha market.


Does the price of gold witness noticeable price changes in the first week of 2021? Mohsen Fawzi, one of the gold makers and the head of "King Gold", replies that the price of gold will continue to fluctuate between high and low in the first week of the new year in light of a constantly changing global climate, indicating that the emergence of a new strain of the Corona virus in England has created a state of panic in the markets Global, which led to the occurrence of large rises in gold, so that an ounce of gold approached breaking the resistance barrier at 1900 dollars by the end of 2020, to record an ounce of gold 1898 dollars, and this means the possibility of gold continuing to rise, because the closer we get to breaking the resistance barrier, the conditions will be Good for the rally, but all of this is likely to change as gold opens next week.


He pointed out, in private statements, that the American stimulus plan, although it was supposed to push gold to witness several changes towards the decline, at least for a limited period, but after the approval of this plan, we only witnessed an increase in gold, reaching near the point of resistance, pointing to Investors in the precious metals markets are affected by any decisions related to the US economy, even job applications and unemployment benefits requests, if there is any rise, this is translated by observers of the gold market as a negative economic indicator, and here everyone tends to buy gold and this leads to rises in the metal prices Yellow.


Regarding the sales situation in the gold market in Egypt, he explained that the price of gold in Egypt, after recording large and high levels, the consumer is reluctant to buy gold, but the last third of December 2020 witnessed a significant increase in sales movement, and if we compare the situation of gold sales this year compared to the year In the past, gold sales recorded significant declines during the year 2020, because we lost a large segment of consumers, as well as the absence of weddings, which also led to a decline in the demand for gold.

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