The good news for consumers is that inflation is definitely on track; however, they remain high, which means the Fed may not be ready to declare victory in the battle against higher consumer prices. But now we are nearing the end, breathing new life into the market.
Although the price of gold seems to be on the right side of 1950 USD/ounce, there are still some ways to break out as investors continue to sit on the sidelines. According to some analysts, the gold market needs a clear indication from the Fed that it is done raising interest rates before investors return to the market.
After weeks of sentimental drift and fading interest, retail investors are once again looking at gold and precious metals, according to the latest Kitco News Weekly Gold Survey. At the same time, market analysts are a bit more cautious on gold ahead of next week.
Although the price of gold seems to be on the right side of 1950 USD/ounce, there are still some ways to break out as investors continue to sit on the sidelines. According to some analysts, the gold market needs a clear indication from the Fed that it is done raising interest rates before investors return to the market.
After weeks of sentimental drift and fading interest, retail investors are once again looking at gold and precious metals, according to the latest Kitco News Weekly Gold Survey. At the same time, market analysts are a bit more cautious on gold ahead of next week.
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“Connecting to what I looked at last week, the bulls have finally taken that next step to break through the resistance level after,” said James Stanley, market strategist at StoneX. Support holds at $1,900.”
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Last week, 20 Wall Street analysts participated in the Kitco News Gold Survey. As a result, 45% of analysts believe that gold prices will increase in the near term. 45% of analysts think gold prices may move sideways. Only 10% of analysts think gold prices will fall in the near term.
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Even so, neither Wall Street analysts nor Main Street retail investors are expecting a major breakout.
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world spot gold price stood at the threshold of 1,951.9 USD/ounce, down 3.1 USD/ounce compared to the end of last week. Gold futures for August delivery on Comex New York were at $1,956.9 per ounce.
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Gold futures for August delivery on the Comex New York exchange rose slightly by 0.6 USD, or 0.03%, to 1,964.4 USD/ounce.
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On the world gold market, spot gold price closed last week in the US down 5.7 USD to 1,954.3 USD/ounce. In the Asian session this morning, gold price continued to adjust slightly to 1,952.1 USD/ounce.
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Last week, the world gold had a 2nd consecutive week of gains when the published inflation reports reduced expectations of interest rate hikes by the US Federal Reserve (Fed).
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On the stock market, in the trading session of July 14, VN-Index increased slightly. At the end of the session, the VN-Index increased by 2.98 points to 1,168.4 points. HNX-Index increased 0.22 points to 230.19 points. UPCoM-Index increased 0.08 points to 86.29 points.
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Looking at the review action over the past few weeks, James Stanley, market strategist at StoneX, forecasts gold to test the $1,980 resistance in the near term.
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Looking at the price action over the past few weeks, James Stanley, market strategist at StoneX, sees gold testing the $1,980 resistance in the near term.
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Market assessment, the US Federal Open Market Committee (FOMC), at its meeting on July 25-26, will raise interest rates to 5-5.25%, before "freezing" interest rates and will to cut interest rates by 2024.
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Lower interest rates reduce the opportunity cost of holding gold, as it is an asset that does not yield a return.
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Fed Governor Christopher Waller, the most hawkish member of the FOMC, announced on July 13 in favor of one rally this month and another before it ends in 2023, he said. likely to offer the FOMC a second rate hike in September or later this year depending on upcoming economic data.
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Twenty Wall Street analysts participated in Kitco News' gold survey. The ratio of gold price forecast to increase and move sideways this week is at 45%, while the remaining 10% is forecast to decrease.
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Although the price of gold is hovering above $1,950 an ounce, according to analysts, the gold market needs a number of factors to break out.
