Gold prices moved mostly in line with the FED’s interest rate decision this week. However, there are different interpretations of where the trend will go. It is a matter of curiosity, which move will he make, especially this week. Analysts are also commenting on this issue. We have compiled the comments of analysts for you.
What will happen to gold prices in the near term?
Gold prices will be in neutral territory in the near term. Due to the lackluster bullish sentiment in the market, the gold ten price cannot reach $2,000. Gold prices jumped from a three-month low after the Fed decision. However, it finished the week in neutral territory. Analysts do not expect to see any significant price action in the near term. Ole Hansen, head of commodities strategy at Saxo Bank, said the gold price jump ahead of the weekend showed a solid offer below. But he added that the precious metal lacks the spark to trigger a more substantial rally. Hansen’s expectation for the gold price is above $1,985. However, Hansen emphasizes that there is no trigger for these levels to come.
Barchart’s senior market analyst, Darin Newsom, reminded investors that sideways are still a technical direction. Newson says that the price of gold generally shows a horizontal pattern. Newson expects a price between $1,953 and $1,986. 24 Wall Street analysts took part in the Gold Survey conducted by Kitco this week. Among respondents, ten analysts, or 42%, were bullish for gold in the near term. At the same time, five analysts, or 21%, expect a bearish trend for the next week. On the other hand, nine analysts, or 38%, think that prices will remain flat. Meanwhile, 487 votes were cast in online polls. 258 or 52% of respondents think that gold will rise next week. Another 126 people, or 26%, emphasize that prices will fall. Also, 103 people, or 21%, stated that they are neutral in the near term.
uptrend
Individual investors are still in an uptrend for gold next week. Sentiment fell to its lowest point since May. Institutional investors are also seeing limited gains for gold. Also, prices are expected to end the week around 1982 per ounce. Gold prices are expected to close on Friday at around $1,967 an ounce, down 0.5% from last week’s close. While most analysts are cautiously optimistic, some see the bounce from support around $1,930 an ounce as a strong bullish signal.
Michele Schneider, director of trade education and research at MarketGauge, said gold is on the rise as inflation remains a threat. James Stanley, senior market strategist at Forex.com, said he still sees a higher path for gold. Cavatoni from the World Gold Council stated that while the Federal Reserve maintains its hawkish stance, gold continues to be a strategic asset to be held. On the other hand, on the downside, most analysts still see gold in a long-term uptrend. However, it may see some short-term selling as the Federal Reserve maintains its aggressive hawkish monetary policy stance. Naeem Aslam, chief investment officer of Zaye Capital Markets, also said that gold is trending downwards as technical momentum is bearish.
Gold weekly technical analysis
Gold prices fell pretty sharply throughout the week. However, he later returned and showed signs of empowerment. The 50 Fibonacci level has been quite supportive. It seems we are willing to stay in the same range. If we go back and break above the $2000 level then what will happen? We could probably look at the $2050 level and eventually the $2100 level.
Of course, the gold market continues to be viewed through the prism of wealth protection. On the other hand, this view continues to be an important factor. cryptocoin.com When we look at it as a whole, central banks around the world are tightening their monetary policy. But you also have to argue that we are about to experience some kind of debt crisis as interest rates rise.
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