Expert predicts surprise

Update on the closing price of gold on November 12: Experts make surprising predictions — Updated gold price closing session 11/12. Illustration photo: Phan Anh

Domestic gold price

Domestic gold price developments

World gold price developments

World gold prices increased slightly in the context of the USD falling. Recorded at 5:00 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 105.685 points (down 0.09%).

The latest Kitco News weekly gold survey shows that retail investors remain bullish for the week ahead, while market analysts have turned sharply bearish on gold’s near-term outlook.

Gold price forecast for next week. Source: Kitco

Twelve Wall Street analysts participated in the Kitco News gold survey. In stark contrast to last week’s bullish sentiment, only three experts, or 25%, expect to see higher gold prices next week.

Meanwhile, two-thirds of experts (67%) predict that gold prices will fall. Only one expert, representing 8%, has a neutral view on gold next week.

Meanwhile, 319 votes were cast in Kitco’s online poll, and while market participants were less bullish than in last week’s survey, they remained bullish.

183 retail investors, or 57 percent, expect gold to rise next week. Another 88, or 28 percent, expect prices to fall. Meanwhile, 48 respondents, or 15 percent, are neutral on the precious metal’s near-term outlook.

James Stanley, senior market strategist at Forex.com, predicts that gold prices will continue to decline in the coming period. The expert believes that a continued decline could cause gold to lose the $ 1,900 / ounce level and even lower. He said: "The breakout showed signs of slowing down last week, but the downtrend has brought a strong move this week."

Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, predicted that gold prices will fall next week: "Hawacious comments from Fed Chairman Powell could set the stage for a higher-than-expected US consumer price or producer price inflation report next week. If inflation falls more slowly than expected or even increases, that could put pressure on Treasury yields and the US dollar, which could pose a downside risk to gold prices."

Next week, investors will focus on the US CPI announcement (taking place on Tuesday), followed by the US PPI, retail sales... (taking place on Wednesday).

Source