Gold will rise strongly this week ?

Hi everyone! At the close of the trading session this week, the price of gold in the market was around $1914 per ounce. Overall, gold prices have increased by $28 per ounce over the past week.

Economic data from the United States continues to play a significant role in influencing market sentiment towards gold. The Federal Reserve has stated that it will maintain higher interest rates for a longer period of time. Despite these challenging circumstances, gold has managed to experience a substantial increase, indicating that its appeal is gradually returning.

A recent survey reveals that most retail investors expect gold prices to reach $1915 per ounce in trading this week.

Komen:

What do you think about the price of gold today?

Komen:

12 Wall Street analysts participated in Kitco News' gold survey. 42% think gold price will increase in the near future and 42% gold will decrease, 16% think gold price will move sideways.

Komen:

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.

Komen:

After four consecutive weeks of losses, gold recorded a slight increase this week. However, this increase is still modest. Traders should note that the gold market is in a wait-and-see state and upcoming economic data could bring significant fluctuations.