The current price of gold is trading at $1915 per ounce, with minimal volatility due to conflicting economic information in the market. Investors are mainly waiting for the release of the US second-quarter GDP report on August 30th, 2023. The forecasted GDP growth for the US is expected to be 2.4%, which aligns with the growth rate reported in July.
If the actual results match the forecast, it may strengthen the US dollar and put pressure on gold prices. However, there is still a possibility for gold prices to increase as consumer confidence in the European market has been declining significantly. When an economy enters a recession, it increases risk levels in markets, which can support higher gold prices.
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In an online poll, 69% expect gold to rise next week, 20% expect gold to fall, and more than 10% expect it to move sideways.
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The revised second-quarter GDP report, along with consumer and producer price indexes, will also help investors confirm the Fed's interest rate trajectory as it tries to balance inflation and growth risks. .
Great view of the situation with a good description! From a professional point of view, it would be interesting to know in what order, what steps you use when analyzing an asset