Experts predict positively, world gold price may increase sharply next week

“Gold has ended a three-week losing streak, boosted by political uncertainty in Europe and sharp declines in interest rates,” said Marc Chandler, managing director at Bannockburn Global Forex. “Gold has rebounded after the release of US jobs data and reports that the People’s Bank of China (PBOC) did not buy gold for its reserves last month.”

James Stanley, senior market strategist at Forex.com, is among those predicting gold prices to rise next week: "I'm watching longer-term range resistance around $2,075-2,082 an ounce for longer-term support.

“Currently, the support level is still valid and gold is trending up. However, I am ready to change my view if gold falls below the resistance level.”

World gold price developments. Chart: Khuong Duy

Adrian Day, chairman of Adrian Day Asset Management, also said that gold prices will increase next week: “Gold is recovering from last week's sell-off, as US economic news became more dovish. Weaker producer inflation figures and higher jobless claims - both support the case for a rate cut. In addition, rising geopolitical tensions also support gold prices.”

Agreeing, Colin Cieszynski - Chief Market Strategist at SIA Wealth Management - said: "I am optimistic about gold next week. It looks like gold is ready for a technical recovery."

Darin Newsom, senior market analyst at Barchart.com, expects gold to rise and investors to make further gains on this week’s rally: “While the mid-term trend for August gold remains bearish, the short-term trend has turned bullish. This means the next upside target for the gold contract is $2,370 an ounce, followed by $2,391 an ounce.”

Meanwhile, Alex Kuptsikevich - senior market analyst at FxPro - said that gold's support level at $2,300/ounce looks "extremely fragile and unreliable".

“The dollar has been rising since last Friday. The rising dollar coupled with attractive bond yields makes dollar bonds an effective competitor to gold,” Kuptsikevich said.

The next factor weighing on gold is the continued slide in equities. Separate from the short-term supported gains in individual stocks in the Nasdaq100 and S&P500, there were notable declines in the Dow Jones and Russell 2000 indices, not to mention the French CAC40 losing 5% on the week,” the expert said.

Adam Button, head of currency strategy at Forexlive.com, does not expect gold to rise in the near term. Meanwhile, Kitco senior analyst Jim Wyckoff is neutral on gold prices next week.

Thirteen Wall Street analysts participated in the Kitco News Gold Survey this week, and experts are significantly more bullish on the precious metal’s near-term outlook.

Eight experts, or 62 percent, expect gold prices to rise next week. Only two analysts, or 15 percent, predict a fall. The remaining three, or 23 percent, expect gold to trade sideways next week.

Meanwhile, 216 votes were cast in Kitco’s online poll, with 117 traders, or 54%, predicting gold prices will rise next week. Another 49, or 23%, predict the precious metal will fall, while 50, or the remaining 23%, predict gold prices will be flat next week.

Source: https://laodong.vn/tien-te-dau-tu/chuyen-gia-du-bao-tich-cuc-gia-vang-the-gioi-co-the-tang-manh-vao-tuan-toi-1353244.ldo