Under a modest sales pressure, a new trading week starts, while summer stagnation continues to create weight on gold. Precious metal cannot find any acceleration from a weak US dollar or low bond returns. So what’s next for the gold price now?
Some analysts are now waiting for $ 1,790 to break
According to some analysts, the gold market is once again on the holding model after testing resistance in the 200 -day moving average last week. Dear metal is waiting for Friday. Although there are still some solid bull feelings on the market, some analysts expect to break the $ 1,790.
December gold futures were last traded for $ 1,811 with a decrease of 0.33 %during the day. At the same time, Spot Gold fell within the last day and traded at $ 1,809. Market analyst Matt Simpson commented on the subject:
Taurus prejudice is not over, but we are sure that it is in the pause mode for now.
Margaret Yang: The price of gold may be a double peak formation
Dailyfx.com’s market strategist Margaret Yang said that he was watching $ 1,790 per ounce in the near term. Margaret Yang adds the following to the subject:
Technically, gold prices may be a double hill formation after not exceeding 1.835 resistance in the second attempt. Instant support levels can be found in $ 1,790. The MACD indicator is flattened, which shows that the rise momentum is reduced.
Brown Brothers Harriman: Maybe this week will help us with data
Gold sees more weakness due to the US dollar, and the lifeless action continues as the US bond rates continue to decrease. Some currency analysts expect more weakness in the US dollar in the near term. Brown Brothers Harriman makes the following comments:
While we remain positive about the dollar, we accept that it is not possible for the rally to continue until a hawk Fed narrative holds a more hawk narrative. Maybe this week will help us with data
Rob Haworth: Stocks will overshadow the gold market in the near term
Some analysts, despite the falling bond returns and a weaker dollar pointed to the rise for gold, the precious metal continued to compete with historical acceleration in the US stock markets. S&P 500 is moving towards new record levels. On Friday, the large stock market index finished July with the sixth monthly earnings. Rob Haworth, a senior investment strategist of US Bank Wealth Management, said in an recent interview, that economic recovery is a very challenging story for investors.
Rob Haworth added that his stocks expects to continue to overshadow Gold in the near term. The US government continues to pump money to support economic recovery. The congress continues to progress with a plan of spending an infrastructure of $ 1 trillion. Some economists said that an important number of employment could lead the Federal Reserve to reduce monthly bond purchases by the end of the year.
