Shinobi - XAUUSD: How will gold fluctuate this week?

World gold prices this morning tended to increase with spot gold increasing by 1.2 USD to 1,919.9 USD/ounce.

Last week, gold fell more than 1% due to the lack of economic data and market-stimulating events. Kitco News' latest weekly gold survey shows that the precious metals market has lost optimism as less than half of retail investors expect gold prices to increase this week, while many analysts The market returns to a downward trend.

Sean Lusk, co-head of commercial hedging at Walsh Trading, said gold's performance remains entirely dependent on the dollar and he doesn't see the greenback weakening anytime soon. “Despite some worries about the stock market, the dollar has really regained strength with the US Dollar Index rising back to 105,” he said.

XAUUSD SELL 1924 - 1926

TP1: 1921
TP2: 1917

SL: 1930

Comment:

Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, was optimistic about gold this week. According to him, technical indicators such as price holding the 20-day average and oscillating indicators going up show that gold may recover.

Comment:

Among analysts participating in the survey, 31% are optimistic about gold in the near future. The number of experts who believe that gold will decrease is 38%. Meanwhile, 47% of retail investors expect gold prices to increase; 36% think prices will be lower. The latest survey shows that retail investors expect gold to trade around 1,933 USD/ounce this week.

Comment:

The most important economic data for gold traders this week is the US consumer price index and producer price index for August, which will be released on Wednesday and Thursday, respectively. Market participants will also monitor US retail sales in August and the ECB's interest rate decision.

Comment:

XAUUSD SELL 1928 - 1930

TP1: 1923
TP2: 1917

SL: 1935

Comment: