Shinobi - XAUUSD: Gold will continue to rise
World gold price this morning tended to increase with spot gold increasing by 0.7 USD compared to last week's closing level to 1,915.5 USD/ounce.
Last week, gold posted modest gains and ended a four-week losing streak. Gold remains resilient despite US Federal Reserve Chairman Jerome Powell signaling on Friday that the central bank will maintain its 2% inflation target and not seek a rate cut anytime soon.
Kitco News's latest weekly gold survey results show that most retail investors expect gold prices to rise in the week ending September 1. Meanwhile, market analysts remain cautious as they head into the final week of August.
Adrian Day, President of Adrian Day Asset Management, has predicted a decline in gold prices this week. True to this expert's forecast, gold was disappointed with the much-awaited speech of Chairman Jerome Powell. Still, Adrian Day said he doesn't expect the disappointment to last too long, "as we're getting closer to a recession in the US and a pause by the Fed, before inflation is beaten."
XAUUSD
BUY LIMIT 1910 - 1912
TP1: 1916
TP2: 1920
SL: 1906
Last week, gold posted modest gains and ended a four-week losing streak. Gold remains resilient despite US Federal Reserve Chairman Jerome Powell signaling on Friday that the central bank will maintain its 2% inflation target and not seek a rate cut anytime soon.
Kitco News's latest weekly gold survey results show that most retail investors expect gold prices to rise in the week ending September 1. Meanwhile, market analysts remain cautious as they head into the final week of August.
Adrian Day, President of Adrian Day Asset Management, has predicted a decline in gold prices this week. True to this expert's forecast, gold was disappointed with the much-awaited speech of Chairman Jerome Powell. Still, Adrian Day said he doesn't expect the disappointment to last too long, "as we're getting closer to a recession in the US and a pause by the Fed, before inflation is beaten."
XAUUSD
BUY LIMIT 1910 - 1912 TP1: 1916
TP2: 1920
SL: 1906
Comment:
James Stanley, senior market strategist at Forex.com, sees precious metals continuing to rise this week. “Gold is surprisingly strong even with the dollar strong this week and the culprit is euro weakness (by 57.6% DXY), Stanley said. The strength of the USD has been amazing given the reaction to the tests of support, but gold continues to rise even against that backdrop.”
Comment:
Gold survey shows mixed views among Wall Street analysts. Specifically, among analysts who participated in Kitco News' gold survey, 42% expect gold prices to be higher this week and also 42% expect gold prices to fall. Meanwhile, retail investors' sentiments paint a clearer picture for gold this week with 69 percent of respondents to online polls predicting gold will rise this week.
Comment:
This week will see a bunch of key economic data released, including the ADP jobs report and nonfarm payrolls. These data are forecasted to help the market have a better insight into the US employment picture. The revised second-quarter GDP report, along with consumer and producer price indexes, will also help investors confirm the Fed's interest rate trajectory as it tries to balance inflation and growth risks. .
