Moving sideways, there is a risk of a decline for precious metal
The gold market is showing signs of a slight recovery, but I personally see a possibility of a decline when EMA34 and EMA89 intersect.
Please follow some important news I just compiled:
Experts gradually lose confidence in the future of precious metals. Kitco News' survey of gold price forecasts this week with 13 Wall Street analysts, 4 people, or 31%, expect gold prices to increase. There are 5 people, equivalent to 38%, forecasting precious metals to go down; The remaining 4 people think that gold is moving sideways.
Meanwhile, in an online survey with the participation of 474 individual investors, the majority of opinions forecasting an increase. As a result, 222 people, accounting for 47%, predicted that gold prices would increase; Another 169 people, equivalent to 36%, gave the opposite opinion and the remaining 83 investors, equivalent to 17%, said gold would go sideways.
Sean Lusk - Co-Director of Commercial Hedging at Walsh Trading - said that gold's performance still depends entirely on the USD and he does not see the greenback weakening anytime soon.
"Despite some worries about the stock market, the USD has really regained its strength with the US Dollar Index rising back to 105" - Sean Lusk said.
Meanwhile, Colin Cieszynski - chief market strategist at SIA Wealth Management - appeared optimistic about gold this week. According to him, technical indicators such as price holding the 20-day average and oscillating indicators going up show that gold may recover.
Please follow some important news I just compiled:
Experts gradually lose confidence in the future of precious metals. Kitco News' survey of gold price forecasts this week with 13 Wall Street analysts, 4 people, or 31%, expect gold prices to increase. There are 5 people, equivalent to 38%, forecasting precious metals to go down; The remaining 4 people think that gold is moving sideways.
Meanwhile, in an online survey with the participation of 474 individual investors, the majority of opinions forecasting an increase. As a result, 222 people, accounting for 47%, predicted that gold prices would increase; Another 169 people, equivalent to 36%, gave the opposite opinion and the remaining 83 investors, equivalent to 17%, said gold would go sideways.
Sean Lusk - Co-Director of Commercial Hedging at Walsh Trading - said that gold's performance still depends entirely on the USD and he does not see the greenback weakening anytime soon.
"Despite some worries about the stock market, the USD has really regained its strength with the US Dollar Index rising back to 105" - Sean Lusk said.
Meanwhile, Colin Cieszynski - chief market strategist at SIA Wealth Management - appeared optimistic about gold this week. According to him, technical indicators such as price holding the 20-day average and oscillating indicators going up show that gold may recover.
🟢TP1: 1921
🟢TP2: 1917
🔴SL: 1930💲💲💲💲💲💲