XAUUSD GOLD GOLD increased sharply at the weekend when informati
Global gold prices were on an upward trend this morning, with the spot gold price increasing by $2.5 from the closing price to $1,835.6 per ounce.
In last week's final session, the gold market rebounded as the labor market showed some weakness despite employment gains last month. The modest increase ended a long series of declines since the Federal Reserve left interest rates unchanged at its Sept. 20 policy meeting and the release of recent U.S. employment data. This pushed spot gold prices to a seven-month low.
Specifically, among the analysts participating in the survey, 38% believe that gold prices will be higher this week; 38% predict prices will decrease; 24% have a neutral view on gold this week. Meanwhile, 43% of retail investors participating in online Main Street polls expect gold to rise this week, 42%11 predict prices will be lower, 15% see prices moving sideways in the near future. Short-term.
The survey found that retail investors expect gold prices to trade around $1,842 an ounce this week, $30 lower than last week's forecast.
Michael Moor, founder of Moor Analytics, said gold is forecast to fall this week. However, he said that this precious metal seems to have bottomed out and it may be time to turn around.
Meanwhile, James Stanley, senior market strategist at Forex.com, said that gold will likely maintain within its recent range this week. Stanley doesn't think another pullback will produce a bottom, although he thinks it's possible.
This week, the market will wait for the US September producer price index (PPI) report to be published on Wednesday and the consumer price index (CPI) report on Thursday. These reports are expected to be released on Wednesday. hopes to provide the market with more clues about the Fed's next move.
In last week's final session, the gold market rebounded as the labor market showed some weakness despite employment gains last month. The modest increase ended a long series of declines since the Federal Reserve left interest rates unchanged at its Sept. 20 policy meeting and the release of recent U.S. employment data. This pushed spot gold prices to a seven-month low.
Specifically, among the analysts participating in the survey, 38% believe that gold prices will be higher this week; 38% predict prices will decrease; 24% have a neutral view on gold this week. Meanwhile, 43% of retail investors participating in online Main Street polls expect gold to rise this week, 42%11 predict prices will be lower, 15% see prices moving sideways in the near future. Short-term.
The survey found that retail investors expect gold prices to trade around $1,842 an ounce this week, $30 lower than last week's forecast.
Michael Moor, founder of Moor Analytics, said gold is forecast to fall this week. However, he said that this precious metal seems to have bottomed out and it may be time to turn around.
Meanwhile, James Stanley, senior market strategist at Forex.com, said that gold will likely maintain within its recent range this week. Stanley doesn't think another pullback will produce a bottom, although he thinks it's possible.
This week, the market will wait for the US September producer price index (PPI) report to be published on Wednesday and the consumer price index (CPI) report on Thursday. These reports are expected to be released on Wednesday. hopes to provide the market with more clues about the Fed's next move.
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