Gold prices were little changed as a weaker dollar stabilized US Treasury yields as investors took their positions ahead of this week’s US consumer price data. So, what do analysts say about gold’s next move?
Which direction will gold prices go? Here are the forecasts of analysts
“The only pressure gold is taking is rising US Treasury yields, but the upside in yields is pretty limited,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. cryptocoin.com As we have also reported, US Treasury yields climbed, reducing the appeal of gold. On the other hand, the dollar index (DXY) fell, making gold cheaper for holders of other currencies. Streible added that gold is anchored at $1,780 and $1,800 per ounce, waiting for clues from the US Federal Reserve and US Consumer Price Index (CPI) data. The CPI report to be released on Friday could affect the Fed’s timeline to reduce economic support before its next policy meeting on December 14-15.
Ricardo Evangelista, senior analyst at ActivTrades, said that as the narrative returns to the tightening policy of central banks, any upside movement in gold will be limited. Because this situation is seen as likely to increase the US dollar. Reduced stimulus and interest rate increases tend to push government bond yields even higher, raising the opportunity cost of holding interest-free gold. Finally, independent analyst Ross Norman notes that in the current recessionary state of the gold market there are “people who sell a little here and buy a little there” and “you can make big moves in weaker markets.”
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