After losing $50 on Friday following a stunning US jobs report, gold prices may lose another $100 before seeing a rebound, according to analystsdollars. Let’s take a look at the weekly hot gold price forecasts together…

Daniel Pavilonis: Gold fiadollaryellow could return to $1,673!

The jobs report surprised markets with 943,000 positions added in July against the expected 870,000. The unemployment rate also fell to 5.4%. “This business data is bullish for the US dollar and pushing rates higher, which is counterproductive for gold,” Daniel Pavilonis, senior commodities broker at RJO Futures, told Kitco News. ” said.

Daniel Pavilonis said it may be game over for gold for now, adding that a solid employment report could imply that Federal Reserve Chairman Jerome Powell will start declining from the end of August. Daniel Pavilonis made the following comments on the subject:

The US dollar index hit 95. For gold prices, this could mean we’re back at $1,673. Gold is likely to spend more time on this downside. We may see more liquidation right now. The employment report tells us that wages are rising. Unemployment rate is falling, people are looking for work. The situation will only get better if some of the aid packedollars are eliminated in September.

2 analysts shared the levels they expected in gold!

Kevin Grady, president of Phoenix Futures and Options LLC, said a critical level for gold to hold is $1,754 per ONS. Kevin Grady said, “We should see a jump from these levels. But I think gold is not traded well. Gold had a very fertile ground for paddling. And he could not break the $ 2,000. ” said. Bart Melek, head of global strategy at TD Securities, said this could be a temporary pullback for gold, but the precious metal could drop below $1,730 per ONS in this trend. Bart Melek made the following comments on the subject:

It should continue to face selling pressure in the wake of the gold payroll data, as many in the market will think the Fed has the appropriate environment to start the discounting as early as 22 or even December 2021. This means that nominal and real returns move along the curve. higher than post-ADP miscarriages. A direct gold rout is unlikely at the moment. There are still some downsides coming from the Delta variant. The TDS tactical target is $1,730.

Edward Moya: Gold prices may drop to yellow psychological $1,700 level

However, Bart Melek is not giving up on gold, stating that the Delta variant poses an upside risk to the precious metal. OANDA senior market analyst Edward Moya said after Friday’s sell-off, gold is currently in the danger zone. Edward Moya, “Gold could find some support at $1,750, but if this is broken, it could drop to the psychological $1,700 level. ” said.

Bart Melek added that gold is likely to find more support in the long run as inflation remains above the Fed’s target and the central bank’s loose monetary policy is maintained. Bart Melek made the following comments on the subject:

Real returns will be negative for a long time. The market will believe the Fed is quite willing to keep conditions favorable for a long period of time when things get back to normal. Gold will be pretty good.

Attention: This data will affect the gold price next week!

Markets will be closely following the Jackson Hole Symposium, which will take place at the end of August. Analisdollarser believes Fed Chairman Jerome Powell will use the platform as an opportunity to begin self-advocacy of the central bank’s contraction plans. In the coming week, macro data will continue to play a dominant role to deter gold’s price direction. Cryptocoin. com

As we have previously reported , the things to watch out for will be inflation readings, Wednesday’s CPI report and Thursday’s PPI report.

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Michael Lewis


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