Weekly evaluation of Kitco site Monday, April 5

Weekly evaluation of Kitco site Monday, April 5

At the same time with the formation of the twin floor below $ 1700, optimism about the future price of an ounce of global gold has been strengthened. Last week, the XAUUSD jumped twice below $ 1,700. Although the optimism of market professionals has been relatively strong, the concerns of small investors have not yet been allayed. The latest weekly assessment of Kitco News shows that disagreements between small investors and market professionals have increased. While gold has been able to jump above the monthly price floor and end the week above $ 1,700, some analysts believe that it is not yet possible to talk about a strong uptrend in the market.
This week, 15 Wall Street activists took part in the weekly evaluation of the Kitco site. 73% predict that this week's trend will be an upward ounce of global gold. 13% forecast a downtrend and another 13% expect a trend-free market. Meanwhile, 1,565 Main Street investors took part in an online poll. 41% are in favor of an uptrend, 44% are in favor of a downtrend and 16% are in favor of a trend-free market.

Analysis of market professionals

Colin Cieszynski SIA Wealth Management Senior Market Strategy
"Last week, the world ounce price of gold experienced a significant drop, so it can be said that the recent price increase is just a technical leap. "I do not expect a steady rising rally in the price of an ounce of global gold, and the market is facing many obstacles." He added that he would only be sure of the market's uptrend if the price of a global ounce of gold went above $ 1,780.
Darin Newsom Independent Market Analyst
The activist expects the market to rise in the short term, but he prefers to rely on the uptrend after the defeat of the $ 1756 resistance. According to Newsom, the global ounce of gold is in fierce competition with the US dollar. The long-term trend of the US dollar seems to be upward. The US dollar and the price of an ounce of world gold are inversely related.
Marc Chandler, senior market strategist at Bannockburn Global Forex
According to Chandler, rising inflation could lead investors to gold. In times of inflation, investors use gold to cover the risk of inflation. "The twin floor will only be confirmed if the price crosses the peak between the two floors, meaning that the global ounce price must rise above $ 1,754 to confirm the twin floor signal."

Weekly Gold Analysis Monday, March 1

Weekly Gold Analysis Monday, March 1

Last week, the price of an ounce of global gold fell close to $ 100 and fell to $ 1720. This is the lowest price in an ounce of gold in the last eight months. According to the weekly assessment of Kitco News, it seems that from the point of view of market professionals, the decline in the price of an ounce of global gold is not over yet. In the coming week, all eyes will be on changes in the rate of return on Treasury bonds and the US dollar. Recently, the yield on 10-year US Treasury bonds has risen to more than 1.6 percent.
This week, 13 Wall Street activists took part in the weekly evaluation. 61.5% predict that this week's trend of global gold ounces will be declining. 23% of participants also predict that the short-term trend of global gold ounces will be upward. The remaining 15.5% expect a trend-neutral or neutral market. Meanwhile, 669 Main Street investors took part in the online poll. 52.5% were in favor of an uptrend, 33.3% were in favor of a downtrend and 14.2% were in favor of a trend-free market. This is the lowest level of micro-investor participation in an online survey in the past year. According to market analysts, the key support for global gold is at $ 1,700, and the continued decline of the market depends on the reaction of gold to this support.
Perspectives of Gold Market Professionals (XAUUSD)

Colin Cieszynski Senior Market Strategy at SIA Wealth Management
"The US dollar appears to be making up for recent declines, especially as investors focus on increasing Treasury yields." The price of an ounce of global gold is inversely related to the value of the US dollar. This means that the strengthening of the US dollar is to the detriment of the global ounce gold price.
Marc Chandler is the CEO of Bannockburn Global Forex
The recent bullish ounce of global gold has disappeared and the price of an ounce of global gold has fallen below the simple moving average of 20 days. The rise in US Treasury yields has hurt gold. XAUUSD's next target is to correct 61.8% of Fibonacci near $ 1,690. I doubt the market will move in this direction in the medium term. However, I will not be surprised by the neutral and wide fluctuations of the gold market. "
Adrian Day, President of Adrian D. Capital Management Company
"Next week you can see the latest efforts of sellers in the market. From a fundamental point of view, the situation is in favor of ounces of global gold, especially since there is a lot of liquidity in the world. The dollar index has only recorded an upward jump in response to the recent price peaks, meaning that the dollar index is still declining. In the US bond market, while long-term bond yields have risen, short-term bond yields are still low and the real interest rate on the US economy is negative. "Most importantly, the market needs a strong one-sided move to change the expectations and inclinations of investors."
Mark Leibovit Editor-in-Chief V.R. Metals / Resource
This professional activist is most pessimistic about the future of the gold market. He believes that the price of an ounce of global gold may fall as low as $ 1,500. "There are a lot of buyers in the market. The technical situation of the market is either neutral or declining. "So can the market fall to $ 1,500?"
Ole Hansen is a commodity market strategist at Saxo Bank
"For the first time in four weeks, I expect the global ounce price to rise." He attributed the optimism to gold prices to the US stock market reaction to the rate of return on Treasury bonds. "Increasing the rate of return on treasury bonds has also affected other financial markets. This means that investors will soon start thinking about buying safe and secure assets. The Fed's views are likely to be challenged in the coming weeks (Powell did not take the rise in Treasury yields seriously, saying the increase was due to optimism about the US economy, not inflation expectations). The US economy can not tolerate high rates of return, and the resurgence of bond yields could make investors think that the US Federal Reserve may have to control the yield curve in the near future. In that case, the real rate of return and the value of the US dollar will fall and the price of an ounce of global gold will fall sharply.

Key points of buying and selling ounces of gold Tuesday, February 16

Key points of buying and selling ounces of gold Tuesday, February 16

Offer: sell below 1812.50 with a first profit tick of 1789.00 and a second profit tick of 1782.00
Alternative offer (in case of price trend change) When the price penetrates above 1812.50, the price first starts moving towards 1818.00 and 1827.00.

Support and resistance points
1827.00
1818.00
1812.50
————————
1789.00
1782.00
1771.75

Weekly Gold Analysis

 

 

Weekly Gold Analysis

Even though the strength of the global ounce uptrend has weakened, buyers still support the precious metal. Analysts are assessing the rate of economic growth due to government financial and support packages, as well as the possibility of intensifying inflationary pressures. However, according to Kitco News' weekly assessment, small investors and market participants expect future inflation to determine the trend in the gold market and ultimately push up the price of an ounce of global gold.
This week, 15 Wall Street activists took part in a weekly Kitco poll. Sixty percent of respondents predict that this week's trend will be an upward ounce of global gold. Another 20 percent predict that the market will decline and the remaining 20 percent predict that the market will be trendless. Meanwhile, 1,581 Main Street investors took part in an online poll. 67% are in favor of an uptrend, 17% are in favor of a downtrend and about 15% are in favor of a trend-free market.
The upward return of the global ounce of gold from $ 1,800 support has caused optimism among market participants. The market reacted positively to this support at the beginning of last week, but the price of an ounce of global gold continued to fall slightly. However, the gold market ended last week's trading in the $ 1855 range. Although the gold market failed to show strong momentum in early 2021, many analysts still do not want to be disappointed with the rise in gold prices, especially as the new US administration seeks to approve a $ 1.9 trillion financial package.