Gold futures rallied on Monday, but remained below the key $1,800 level as investors weighed the latest US manufacturing data ahead of this week’s Federal Reserve meeting and monthly nonfarm payrolls. So, what are the analysts’ expectations?
Analysts shared their expectations for gold price
“Inflation continues to worry central bank officials as continued supply chain issues and higher energy prices are causing a longer-lasting rise in consumer prices than previously thought,” Ricardo Evangelista, senior analyst at ActivTrades, said in a daily note.
Against this backdrop, “The Federal Reserve seems poised to announce that it has begun a reduction in asset purchases when it holds a policy meeting later this week – a scenario that will likely boost the dollar and penalize gold,” he said. cryptocoin.com As we have also reported, experts draw attention to the inverse correlation between the dollar and gold.
On the other hand, Sevens Report Research analysts set two levels to watch in the gold market in a bulletin they shared on Monday. According to analysts, $1,725 will continue to be support and $1,835 will continue to be resistance. “Until one of these levels is broken, gold will remain stable in a sideways trading range,” analysts say. The ounce price of gold, at the time of writing, has risen above $1,794.
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