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Gold prices rose on Monday, with some support from weak US bond yields, but the resurgent dollar held back gold’s gains as investors awaited US inflation data this week. At the time of writing, spot gold is trading around $1,787. Investors are now watching for US consumer price data, which will be released on Tuesday, which could have an impact on the timeline the Federal Reserve adopted to withdraw k support.

Saxo Bank analyst: Pressure rises in gold price

While the situation is like this, analisdollarser continues to share his comments. Saxo Bank analyst Ole Hansen noted that price pressure for gold continues to increase. But he says growth isn’t strong enough to support cutting back on a strong bond purchase, let alone a rate hike in the US. Still, he points out that the overall outlook is positive if some momentum is gained.

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As we have reported as , the ounce price retreated from approximately $1.830 last week and is roughly 1.780-1. It fell back to the $800 range. IG Market analyst Kyle Rodda said that gold is likely to trade between $1,760 and $1,830 in the medium-term, reflecting the ongoing impact of the coronavirus, k growth, inflation expectations and indecision about monetary policy.

OANDA analyst: Gold’s price action is seriously lacking

The dollar index hit a two-week high, suppressing gold’s appeal for other currency holders. “Gold’s price action remains severely underwhelming, unable to rebound when the US dollar falls and moves down when it rises,” Jeffrey Halley, senior market analyst at OANDA Asia Pacific, said in a note.

He added that gold should stay above $1,800, preferably $1,830 this week, to calm the nerves of tense longs. All eyes are now on the consumer price index for August, which will be released on Tuesday and core inflation is likely to drop slightly to 4.2 percent. Cleveland Fed President Loretta Mester said on Friday that she wants the central bank to begin reducing asset purchases this year and join the ranks of like-minded policymakers.


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Michael Lewis

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