Piyush Ratnu Financial Market Research on 29 January 2024:

The Chinese stock market and currency have both plummeted in value over the past several months. But gold prices have hit record highs in terms of the Chinese yuan.

China is now the world’s biggest retail buyer of gold. And 🟢 Chinese households are increasingly turning to gold bullion and jewelry for wealth protection. China’s jewelry purchases rose 8% last year, according to the China Gold Association.

Meanwhile, 🟢 demand for gold coins jumped nearly 16% in 2023. Chinese gold-backed exchange-traded products added 10 tons to their holdings. And the People’s Bank of China increased its gold reserves by a whopping 225 tons.

The PBOC has also implemented measures to make it easier for bank account depositors to convert cash into gold. Chinese officials may be viewing 🟢 gold as a geopolitical tool amid rising tensions with the United States.

The U.S. dollar is steadily losing market share in terms of global central bank currency reserves while gold is gaining.

It’s not ultimately China or Russia or other U.S. adversaries that pose the biggest threat to U.S. dollar hegemony. 📌 It’s reckless U.S. fiscal and monetary policy that is undermining global confidence in its currency.

Possible impact: $200+ price movement in XAUUSD price after a major crash (as witnessed multiple times earlier).

🆘 Possible Target Price Zones in next 3 months:

$ 2096
$ 2145
$2222
$2269
$2323
$2369
$2396
$2424

🆘 The question remains intact:

XAUUSD: $2424 in 2024?

The best trading plan: trade as per PRSRD1 W1
Avoid big lots, avoid heavy shorts

Buy Lows | Exit in NAP | Apply Range Based trades