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What is the forecast for gold price this week?

Sunday, 19/11/2023 GMT+7

What is the forecast for gold price this week?

While retail investors maintain positive forecasts, analysts lean more towards a sideways gold price trend with short-term prospects.

This week, 12 Wall Street analysts participated in Kitco News' gold survey. Like last week, only three analysts (25%) predict gold prices will continue to rise, one expert thinks the precious metal will decline and 8 (67%) keep a neutral view.

Of nearly 600 retail investors participating in the survey, 66% expected gold to increase this week. 21% predict gold prices will close the week at a lower level and 13% think the market will go sideways.

Adrian Day, Chairman of Adrian Day Asset Management, predicted little change in gold prices this week. "After the recent price rally, gold is very vulnerable to bad news. The medium-term dynamics remain very strong, because at some point the Fed and other central banks will ease the tightening . But that hasn't happened yet," Adrian said.

Daniel Pavilonis, senior commodity broker at RJO Futures, also believes that gold will need a period of sideways consolidation in the price range when buying pressure due to concerns about geopolitical risks has subsided.

"We are in the upper zone of prices that have been going on for several weeks. It is very possible that the market will not see any more interest rate hikes and a rate cut will take place in May next year, but I suspect I doubt that," Pavilonis said and predicted that gold prices may fluctuate for a while before confirming a clear trend.

Pavilonis also said that although gold prices continue to react to economic indicators, this development does not give the precious metal a clear direction. "Gold will have difficulty rising higher if inflation data continues to weaken and the Fed does not lower interest rates. I don't know what the buying momentum will be without geopolitical fluctuations," RJO Futures expert Evaluate.

Kitco's gold price survey for the week of November 20-24.  Photo: Kitco News

Kitco's gold price survey for the week of November 20-24. Photo: Kitco News

Everett Millman, director of market analysis at Gainesville Coins, believes that gold investors' attention is shifting from geopolitical volatility to macroeconomics.

"I think we are seeing a shift in the focus of the gold market away from the 'safe haven' role from the geopolitical volatility that we have seen," Millman said. "I think that's increasingly becoming a key concern for the gold market and now attention is shifting more to the macroeconomic picture and especially what Fed policy will look like." .


Millman said the market's concern now is whether the Fed has finished raising interest rates and when the cut will be implemented. "Fundamentally, lower interest rates are the biggest bullish driver for gold, barring a deep recession," said Chief Market Analyst at Gainesville Coins.

Ole Hansen, head of commodity strategy at Saxo Bank, also said that he does not see any major momentum for gold in the near future. Colin Cieszynski, Chief Market Strategist at SIA Wealth Management, maintains a neutral stance because the market is about to enter the Thanksgiving holidays. "The market in general will likely be quieter over the next ten days," Hansen forecast.

On the positive side, Darin Newsom, senior market analyst at Barchart.com, is optimistic about gold's prospects. "Gold's short-term December uptrend has been consolidated over the past week, with prices at times approaching $2,000 per ounce," Newsom said.

Kitco senior analyst Jim Wyckoff also expects gold prices to rise this week. "Technical signals from the chart are becoming more positive and so is US monetary policy, following weaker inflation reports this week," said the expert from Kitco.

Minh Son ( according to Kitco )

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