Gold price receives mixed forecasts, should you invest?

Many conflicting opinions

Experts are offering conflicting opinions on short-term gold prices. Everett Millman, chief market analyst at Gainesville Coins, predicts gold prices will remain stuck until "something shakes the market as a whole."

Millman said investors are certainly paying attention to economic data that could impact gold, with most key data releases on Wednesday, followed by the July 4th holiday, and then the market reopening for the jobs report early Friday morning—a risk scenario for traders and investors.

Millman said that in the medium term, the market will continue to analyze the impact of conflicting inflation data from around the world .

World gold price trends. Unit: USD/ounce. Chart: Le Ha

On the contrary, Marc Chandler - General Director at Bannockburn Global Forex said that after a solid performance this week, gold will likely increase in price next week.

“Gold recovered from below $2,300 an ounce last Wednesday to Thursday to recover back to $2,340 an ounce by the end of the week, which has completely erased last week’s losses.

This move was enough to extend gold's price rally for the fifth consecutive month. I believe gold is poised for further recovery in the coming days. A correction above $2,350-$2,360 per ounce would be significant and could signal a return to the $2,400 per ounce level.

"Two macroeconomic developments that could support gold are the outcome of the first round of the French election, which makes a hung parliament more likely, and the US jobs report at the end of next week," the expert said.

Similarly, James Stanley, senior market strategist at Forex.com, expressed support for the view that gold will appreciate in the short term.

Meanwhile, Darin Newsom, senior market analyst at Barchart.com, also expressed optimism about gold prices next week: “I would continue to be optimistic about gold prices this week as there still seems to be room to extend the short-term uptrend.”

This is not the time to invest.

Phillip Streible, head of market strategy at Blue Line Futures, is optimistic about gold, but says now is not the time to invest. Streible stated, "Don't chase the market at these prices."

Alex Kuptsikevich, a senior market analyst at FxPro, offered a pessimistic outlook for gold as the price of the precious metal fell below its 50-day moving average.

Kuptsikevich said: “Gold could be at the crossroads of weak economic data (slowing growth and weak inflation), coupled with a less dovish stance from the Federal Reserve. This could trigger a widespread sell-off.”

Notably, Christopher Vecchio, director of futures and foreign exchange strategy at Tastylive.com, expressed a neutral stance on gold for the coming week. He also advised investors against selling at this time: "If you are holding gold long-term, there is no reason to sell as the price remains above $2,200 per ounce," he said.

This week, 12 Wall Street analysts participated in Kitco News' gold survey. Four experts (33%) predicted higher gold prices next week. Two analysts (17%) predicted lower prices. The remaining six experts (exactly 50%) offered a neutral outlook on gold prices in the short term.

Meanwhile, 178 votes were cast in Kitco's online poll. Main Street investors have mixed views on gold's near-term outlook.

86 retail traders (48%) predict gold prices will rise next week. Another 50 (28%) predict the precious metal will fall. 42 (24%) believe gold prices will continue to move sideways next week.

Source: https://laodong.vn/tien-te-dau-tu/gia-vang-nhan-du-bao-trai-chieu-co-nen-dau-tu-1359335.ldo