Gold is expected to be quiet this week, entry sell today
World gold prices tend to increase with spot gold increasing by 2.4 USD compared to last week's closing level to 2,335.7 USD/ounce.
Last week, world gold prices continuously "plunged" after breaking all the records conquered in April. Kitco News's latest weekly gold survey results showed that more than three-quarters of experts believe gold prices are stable or will fall in the near term, while half of retail traders still believe the precious metal could move higher in the coming days.
Looking at gold's fluctuations last week, senior market analyst Darin Newsom of Barchart.com said that gold is likely to decline this week.
Sharing the same view, Bannockburn Global Forex CEO Marc Chandler also sees further downside risks for gold in the near future. According to Chandler, the reason gold set a record high early last week at 2,450 USD/ounce was because the market reacted to information related to the accident that claimed the life of the President of Iran. However, the strength of the USD caused gold to be sold off and plummet to nearly 2,300 USD/ounce.
Besides, the decrease in demand for gold from Chinese investors is also a disadvantage for this precious metal. Chandler forecasts that gold's initial resistance this week is at $2,375/ounce. Support is in the range of $2,275 to $2,300 per ounce.
Market strategist Colin Cieszynski of SIA Wealth Management is neutral on gold this week. He said that the gold market will be quiet this week without important events.
Last week, world gold prices continuously "plunged" after breaking all the records conquered in April. Kitco News's latest weekly gold survey results showed that more than three-quarters of experts believe gold prices are stable or will fall in the near term, while half of retail traders still believe the precious metal could move higher in the coming days.
Looking at gold's fluctuations last week, senior market analyst Darin Newsom of Barchart.com said that gold is likely to decline this week.
Sharing the same view, Bannockburn Global Forex CEO Marc Chandler also sees further downside risks for gold in the near future. According to Chandler, the reason gold set a record high early last week at 2,450 USD/ounce was because the market reacted to information related to the accident that claimed the life of the President of Iran. However, the strength of the USD caused gold to be sold off and plummet to nearly 2,300 USD/ounce.
Besides, the decrease in demand for gold from Chinese investors is also a disadvantage for this precious metal. Chandler forecasts that gold's initial resistance this week is at $2,375/ounce. Support is in the range of $2,275 to $2,300 per ounce.
Market strategist Colin Cieszynski of SIA Wealth Management is neutral on gold this week. He said that the gold market will be quiet this week without important events.
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