Gold Market Analysis: Growth Prospects for the Coming Week
Hello everyone. Let's take a look at the gold market and the factors that could influence the gold price in the coming week.
Current Gold Price Picture:
The current gold price is holding steady at $1,939.6 per ounce in the context of the U.S. market being closed for Labor Day. Last week, gold prices experienced a significant increase, rising by 1.25%. This was a result of the non-farm payroll report released over the weekend, indicating an increase in the unemployment rate and the ISM manufacturing index suggesting continued weakness in the U.S. industrial sector.
Market Optimism:
According to Kitco News' weekly gold survey, over 2/3 of retail investors expect gold prices to continue rising in the coming week. This optimism is also reflected in the latest survey, where 64% of financial analysts believe that gold prices will continue to increase. Even 67% of retail investors participating in an online survey on Main Street share a similar viewpoint. This recent survey suggests that gold prices could trade around $1,962 per ounce in the coming week.
Support Levels: 1,933 - 1,926 - 1,920
Resistance Levels: 1,955 - 1,966 - 1,970
Trading Recommendations for the Day:
Consider buying XAUUSD at 1935 - 1936
Stop Loss: 1930
Take Profit 1: 1940
Take Profit 2: 1945
Take Profit 3: 1950
Consider selling XAUUSD at 1953-1954
Stop Loss: 1956
Take Profit 1: 1945
Take Profit 2: 1940
Take Profit 3: 1935
Note: Always set TP (Take Profit) and SL (Stop Loss) during the trading process for optimal performance.
Let's keep an eye on gold in the coming week and don't miss out on any opportunities!
Current Gold Price Picture:
The current gold price is holding steady at $1,939.6 per ounce in the context of the U.S. market being closed for Labor Day. Last week, gold prices experienced a significant increase, rising by 1.25%. This was a result of the non-farm payroll report released over the weekend, indicating an increase in the unemployment rate and the ISM manufacturing index suggesting continued weakness in the U.S. industrial sector.
Market Optimism:
According to Kitco News' weekly gold survey, over 2/3 of retail investors expect gold prices to continue rising in the coming week. This optimism is also reflected in the latest survey, where 64% of financial analysts believe that gold prices will continue to increase. Even 67% of retail investors participating in an online survey on Main Street share a similar viewpoint. This recent survey suggests that gold prices could trade around $1,962 per ounce in the coming week.
Support Levels: 1,933 - 1,926 - 1,920
Resistance Levels: 1,955 - 1,966 - 1,970
Trading Recommendations for the Day:
Consider buying XAUUSD at 1935 - 1936
Stop Loss: 1930
Take Profit 1: 1940
Take Profit 2: 1945
Take Profit 3: 1950
Consider selling XAUUSD at 1953-1954
Stop Loss: 1956
Take Profit 1: 1945
Take Profit 2: 1940
Take Profit 3: 1935
Note: Always set TP (Take Profit) and SL (Stop Loss) during the trading process for optimal performance.
Let's keep an eye on gold in the coming week and don't miss out on any opportunities!
