Where will gold go this week?

Aug 21, 2023

Here are some of my thoughts that I hope you will appreciate. Currently, the interest rates of US bonds will play a significant role in influencing the USD price movement if there is no relevant economic data from the United States. Additionally, a higher level of risk sentiment will allow traders to seize short-term opportunities around the Gold price on weekends and extend into the new week.

From a technical perspective, Gold is clearly on a downward trend. On a weekly basis, Gold is heading towards its nearest target at $1870 as a milestone.

Thank you to all readers for your attention. Wishing you successful trading endeavors!

Aug 21, 2023

Note

Of more than 940 survey respondents, the odds of gold price rising and falling are approximately the same, with 44% predicting the price will go up while 41% predict the opposite. Only 140 people, or 15%, have a neutral opinion.

Aug 21, 2023

Note

Trading on the market fell sharply, investors were afraid. SPDR Gold Trust, the world's largest gold exchange-traded fund, reduced its gold reserves to its lowest level since January 2020.

Aug 22, 2023

Note

This week, before the annual meeting of the Federal Reserve (Fed), gold prices are expected to remain relatively stable with minimal fluctuations.