There are a few factors that could contribute to a fall in gold prices. One factor is the rising interest rates in the United States. As interest rates rise, the opportunity cost of holding gold increases, making it less attractive to investors. Another factor is the strengthening US dollar. A strong dollar makes gold more expensive for investors outside of the United States.
However, there are also some factors that could support gold prices. One factor is the ongoing geopolitical uncertainty in the world. Uncertainty often leads to increased demand for gold, which is seen as a safe haven asset. Another factor is the potential for inflation. If inflation increases, the price of gold is likely to rise as well.
Overall, the outlook for gold prices is uncertain. There are both factors that could support and factors that could weigh on prices. Investors should carefully consider their own investment goals and risk tolerance before making any decisions about whether to buy or sell gold.
Here are some additional things to consider:
The technical indicators for gold are currently bearish, suggesting that a further decline in prices is likely.
The sentiment among gold investors is also bearish, with many investors expecting prices to fall.
However, there is still some support for gold prices at the 61000 level. If prices break below this level, it could trigger a further decline in prices.
Overall, I believe that it is a good idea to sell gold at the current level of 61500, with a target of 61000. However, investors should keep an eye on the technical indicators and sentiment among gold investors, as these could change in the future.