World gold price tends to increase with spot gold increasing by 2.2 USD, equivalent to closing last week's session to 1,963.1 USD/ounce.
World gold prices surged to their highest in more than two months early last week, creating solid optimism in the market. However, some analysts are also warning investors not to "jump in" before the US Federal Reserve (Fed) announces interest rate decision in the middle of this week.
The latest Kitco News gold survey shows that retail investors expect gold to return to the key $2,000/ounce price zone despite the Fed almost certain to raise interest rates by 25 basis points at this month's meeting. Meanwhile, market analysts, although optimistic, remain more cautious.
Sean Lusk, co-head of trade hedging at Walsh Trading, said he remains bullish on gold as the Fed is not easily able to manage inflationary pressure as supply issues are still dominating the overall commodity market. However, in the short term, gold could still be under pressure.
Lusk said that gold could drop by $50 this week if the Fed remains hawkish right after the decision to raise interest rates. However, in terms of duration, the Fed has little impact on the price trend as some commodities cannot increase in price due to supply problems. Many goods are in short supply. For that reason, he recommends continuing to buy gold when prices fall.
XAUUSD BUY 1959- 1961💯💯
✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975
🛑 SL: 1951
World gold prices surged to their highest in more than two months early last week, creating solid optimism in the market. However, some analysts are also warning investors not to "jump in" before the US Federal Reserve (Fed) announces interest rate decision in the middle of this week.
The latest Kitco News gold survey shows that retail investors expect gold to return to the key $2,000/ounce price zone despite the Fed almost certain to raise interest rates by 25 basis points at this month's meeting. Meanwhile, market analysts, although optimistic, remain more cautious.
Sean Lusk, co-head of trade hedging at Walsh Trading, said he remains bullish on gold as the Fed is not easily able to manage inflationary pressure as supply issues are still dominating the overall commodity market. However, in the short term, gold could still be under pressure.
Lusk said that gold could drop by $50 this week if the Fed remains hawkish right after the decision to raise interest rates. However, in terms of duration, the Fed has little impact on the price trend as some commodities cannot increase in price due to supply problems. Many goods are in short supply. For that reason, he recommends continuing to buy gold when prices fall.
XAUUSD BUY 1959- 1961💯💯
✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975
🛑 SL: 1951
