Gold prices could accelerate after surpassing $2,000.

A weak USD and continued macroeconomic uncertainty are expected to push gold prices higher next week.

This week, the price of gold has repeatedly surpassed the $2,000 per ounce mark. At the close of trading on November 24th, each ounce was priced at $2,002.

Overall for the week, prices rose by more than 1%. This marks the second consecutive week of gains, driven by a weaker USD as investors bet that the Federal Reserve has completed its interest rate hikes.

A recent survey by Kitco News of analysts, bank executives, and gold traders suggests that optimistic sentiment may continue into next week. 54% of respondents forecast a price increase, 15% expect a decrease, and 31% believe prices will remain stable.

Mark Leibovit, editor-in-chief of VR Metals/Resource Letter, predicts that prices could continue to rise next week as the USD weakens. He also suggests that the precious metal could even reach a new peak in 2024.

World gold prices repeatedly surpassed the $2,000 mark last week.

Sean Lusk, Director of Risk Management at Walsh Trading, believes the market is overly optimistic about the Fed cutting interest rates soon. However, he still forecasts continued gains in precious metals. "There will be a wave of safe-haven buying. I think gold is gaining momentum. The current situation is still very uncertain. That's why prices are going up," he explained.

From a technical perspective, Lusk sees resistance around $2,060. "If it holds above the 200-day moving average, which is $1,920, the market will move into the $2,075-$2,160 range," he said.

Meanwhile, Frank McGhee, Director of Precious Metals Trading at Alliance Financial, argues that gold is overbought and markets are misjudging several key factors. "I think trading volume is too thin, distorting the market. The current upward momentum is unlikely to be sustainable. I wouldn't be surprised if prices drop $40-$50 once geopolitical tensions begin to ease," he said.

Adrian Day, president of Adrian Day Asset Management, maintained his view from the previous week that the market is currently unlikely to be volatile. "I still see caution when gold prices surpass $2,000. We still have one more Fed meeting this year," he said.

Next week, the US will receive reports on consumer prices, manufacturing, and housing. These figures are all likely to influence the Fed's decision.

According to the CME FedWatch Tool, the market currently forecasts the Fed to keep interest rates unchanged at next week's meeting. Meanwhile, the probability of a rate cut by mid-next year is 64%.

Ha Thu (according to Kitco, Reuters)

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