Gold fiadollaryellow failed to rise above $1,800 per ounce once again. However, an approaching factor could push the precious metal out of trading range, according to analisdollarser. Cryptocoin. com, we have compiled weekly forecasts, let’s examine them together…
Mike McGlone: This setting is good for golden fiadollaryellow…
Many market experts are warning investors of a possible sell-off in US stocks, and that may be what gold needs this fall. Goldman Sachs Group, Morgan Stanley, Citigroup Inc. and Bank of America Corp. is getting nervous about the US stock market, noting that valuations are overblown.
Deutsche Bank AG joined other banks this weekend, citing stock valuations that have gained nearly 21x, signaling the risk of a correction in the market. Bloomberg Intelligence senior commodity strategist Mike McGlone said volatility in the stock space gold may be just what he needs right now. Mike McGlone made the following comments on the subject:
A shrunken gold-fiadollar yellow cage and gravitational pull of around $1,800 an ounce look like patterns that emerged just before returning to a more permanent upward trajectory. The newcomer digital reserve asset Bitcoin may be thwarting old ideas. But we see that both are maturing. Keep moving forward e. Some fluctuations in the stock market can act as a catalyst.
Mike McGlone: This development could set the gold price in action!
Mike McGlone added that even a little uneasiness in the US stock market could be enough to activate the precious metal. Mike McGlone made the following comments on the subject:
A bit of a reversal in the highest gold price cut to the S&P 500 since 2005 could indicate a spark to push the metal out of the bull market cage. The gold-to-S&P 500 ratio fell below the extreme from nearly three years ago. Gold rushed towards record highs of about $2,075 in 2020. The key price since July 2020 is about $1,800. Gold remains the primary beneficiary, as we’ve seen, with equities eventually rebounding a bit.
Colin Hamilton: Precious metal unlikely to see further sales
In light of this potential market volatility and given gold’s current trading levels, the precious metal is unlikely to see further selling, said Colin Hamilton, general manager of commodity research at BMO Capital Markets. Colin Hamilton made the following comments on the subject:
This is still a very good gold price. About 6% to date. Despite falling 5, gold prices yellow China’s slowing k growth, continued Delta-related restraints, and for now the latest Jackson Hole speech and Hamilton, August’s nonfarm payroll, the Fed misses to quell fears of an early contraction. We see relatively low potential for a sharp correction in gold (in 2013), with the potential for negative real returns, high geopolitical tensions and wider market volatility.
Daniel Ghali: Gold prices yellow next week, anchor around $1,800
But Nicky Shiels, head of metals strategy at MKS PAMP GROUP, said gold continues to suffer a series of disappointments this week, including its return at $1,830 an ounce. Nicky Shiels said, “Gold has simply been a correlation trade with interest rates and currency trends. ” said. Many analysts remain neutral in the short term, pointing out that gold will remain range-bound unless it rises above $1,830 an ounce or falls below $1,800. Daniel Ghali, commodity strategist at TD Securities, made the following comments on the subject:
Next week gold prices will be yellow, anchored around $1,800. The story isn’t on the one-week horizon, it’s probably on the quarterly horizon. During this time, growth expectations will decrease and inflation expectations will remain. And that will be a good setting for golden fiadollaryellow.
Frank Cholly: I’m neutral unless the market slides below $1,780 or rises above $1,830
Frank Cholly, senior market strategist at RJO Futures, said there is currently a cap on the gold market, partly due to the Federal Reserve’s expectations of contraction. Frank Cholly made the following comments on the subject:
We’re still on range. Market 1.825-1. It could not go above $830. Right now, gold investors don’t like the idea of the Fed contracting sooner or later. Unless the market slides below $1,780 or rises above $1,830, I’m neutral.
But Frank Cholly stated that once the market realizes that inflation is persistent, gold will have another chance at $2,000 an ounce. Frank Cholly made the following comments on the subject:
I’m in the camp that believes inflation is here in the long run and will get to the point where the Fed will run away before it takes over. And at some point gold will understand this and start to rise. This will be when we can see a secondary rally above $2,000.