XAUUSD - Gold continues to move sideways in a small range
Last week, gold edged higher as the US jobs report in July was weaker than expected, including downward revisions in May and June. The latest Kitco News Gold Survey showed, The US labor market's loss of momentum, even as inflationary pressures persist, has left most market analysts optimistic or neutral on gold's outlook this week.
Specifically, among Wall Street analysts surveyed, 53% said they expect gold prices to be higher this week; 40% have a neutral outlook.
According to Adam Button, Head of Currency Analysis at Forexlive.com, the US job market is cooling down and that is exactly what the US Federal Reserve (Fed) wants to see. The market increasingly believes that interest rates have peaked and the Fed's next job is to lower rates. In that environment, gold will bury its wings.
This expert assessed that, despite being happy with headwinds from the Fed, gold is still holding at a high level. Looking at that it is possible to guess how high the price of this precious metal will be if the Fed tightening cycle is over.
Specifically, among Wall Street analysts surveyed, 53% said they expect gold prices to be higher this week; 40% have a neutral outlook.
According to Adam Button, Head of Currency Analysis at Forexlive.com, the US job market is cooling down and that is exactly what the US Federal Reserve (Fed) wants to see. The market increasingly believes that interest rates have peaked and the Fed's next job is to lower rates. In that environment, gold will bury its wings.
This expert assessed that, despite being happy with headwinds from the Fed, gold is still holding at a high level. Looking at that it is possible to guess how high the price of this precious metal will be if the Fed tightening cycle is over.
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