Adrian Day - President of Adrian Day Asset Management is one of the experts predicting gold prices to increase next week: "As we get closer to the US Federal Reserve's (FED) interest rate cut, momentum could push gold prices up.
The first rate cut in a cycle is a bullish signal for gold in over 20 years. Although it is already priced in to some extent, I still expect a positive reaction.”
Kitco senior analyst Jim Wyckoff remains bullish on gold this week. "Gold is poised for a steady rise as the charts remain bullish and fundamentals remain positive," he said.
On the other hand, Marc Chandler - General Director at Bannockburn Global Forex expects gold prices to fall next week: "The bullish momentum has stalled. I can imagine a decline that will take gold prices down to the threshold of 2,470-2,475 USD/ounce.
Phillip Streible, chief market strategist at Blue Line Futures, also had a less optimistic forecast for gold. However, he said that gold prices will not fall too much and that the declines will provide buying opportunities. He added that September is typically a "bad month" for gold prices, so traders should look for buying opportunities.
Mark Leibovit, publisher of VR Metals/Resource Letter, and Ole Hansen, Head of Commodity Strategy at Saxo Bank, also expect gold prices to fall this week.
"Gold is running out of steam. The precious metal is looking for consolidation ahead of the September FOMC meeting," said Ole Hansen.
Meanwhile, Darin Newsom - Senior market analyst at Barchart.com predicted that gold prices will go sideways: "I think gold prices will go sideways next week" - this expert said.
According to Bob Haberkorn - Senior commodities broker at RJO Futures, $2,500/ounce is the support level for gold prices.
Looking ahead to next Friday's jobs data, Haberkorn said that even if the US non-farm payrolls report is weak, he thinks it's highly unlikely the Fed will cut 50 basis points to start their easing cycle.
“I think there’s a lot of pressure right now for a rate cut, and Powell has hinted that it will happen, and the market won’t be surprised. But I don’t think a 50 basis point cut is possible, given the inflation and housing numbers that we’ve seen.”
Haberkorn said the most likely scenario is that the Fed cuts 25 basis points once, then sits back and watches. “They cut 25 basis points at the next meeting,” he said.
Meanwhile, Adam Button, head of currency strategy at Forexlive.com, believes the likelihood of further Fed rate cuts will depend on the unemployment rate in the payrolls report. Button said the seasonal weakness in September could give those on the fence a good buying opportunity.
Market participants will focus this week on employment figures as North American markets return from the weekend.
On Tuesday, the market will receive the US ISM manufacturing PMI for August. Wednesday will see the Bank of Canada monetary policy decision and the US JOLTS Job Openings. Then, on Thursday, traders will watch the ADP employment index for August, the weekly jobless claims report and the US ISM services PMI.
However, the most attention-grabbing report next week will be the US non-farm payrolls report for August, due out Friday morning. Some market experts believe the report could potentially increase the Federal Reserve's expected September interest rate cut from 25 to 50 basis points.
Source: https://laodong.vn/tien-te-dau-tu/chuyen-gia-danh-gia-ve-da-tang-gia-vang-trong-ngan-han-1387707.ldo
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