XAUUSD - Current Gold Trend, Down After Nonfarm News
Updated
World gold price tends to increase with spot gold increasing by 1.6 USD, so with last week's closing session, it increased to 1,926 USD/ounce.
Kitco News's recent gold survey shows that optimism is returning to the market. However, some analysts warn that there is still not enough momentum to break through key resistance levels.
Kevin Grady, President of Phoenix Futures and Option, said that in the current environment, gold is likely to move higher in the near term. However, the lack of clarity from the Fed on the future monetary policy path is keeping many investors on the sidelines.
According to him, gold is tracing between $1,945 and $1,955 and needs to break through these levels to bring confidence to the market. For gold to get back to $2,000 an ounce, the Fed needs to make it clear that they're done raising rates.
This week, among analysts referencing Kitco News gold survey, 53% are optimistic about gold in the near term. Meanwhile, 38% of retail investors think prices will increase this week.
Kitco News's recent gold survey shows that optimism is returning to the market. However, some analysts warn that there is still not enough momentum to break through key resistance levels.
Kevin Grady, President of Phoenix Futures and Option, said that in the current environment, gold is likely to move higher in the near term. However, the lack of clarity from the Fed on the future monetary policy path is keeping many investors on the sidelines.
According to him, gold is tracing between $1,945 and $1,955 and needs to break through these levels to bring confidence to the market. For gold to get back to $2,000 an ounce, the Fed needs to make it clear that they're done raising rates.
This week, among analysts referencing Kitco News gold survey, 53% are optimistic about gold in the near term. Meanwhile, 38% of retail investors think prices will increase this week.
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