Trading strategy today, downtrend

Kitco News' latest gold survey shows more than three-quarters of industry experts believe gold prices have stabilized or will fall next week. Meanwhile, half of retail traders polled still believe the precious metal could move higher in the coming days.

ActivTrades senior analyst Ricardo Evangelista said that information in the Fed's meeting minutes has caused traders to push back the expected interest rate cut from September to November. This change has helped push Treasury yields and the USD higher and put pressure on precious metals.

Market strategist Colin Cieszynski of SIA Wealth Management is neutral on gold this week. He said that the gold market will be quiet this week without important events.

Reports released this week include: Consumer confidence report, preliminary report on GDP in the first quarter of the US, weekly unemployment benefit applications, pending home sales, Personal consumption expenditure reports along with personal income reports in the US