World gold prices closed last weekend at 4,080.78 USD/ounce - considered a key psychological level, helping investors maintain confidence in the precious metal amid the uncertainty of the US economy and monetary policies that could cause fluctuations in the market.
In the past week, spot gold prices hit $4,245 an ounce on November 13, the highest level since the beginning of the month, before strong selling pressure caused prices to reverse. This creates a cautious mentality for both experts and individual investors.
Kitco News' weekly gold price survey shows that out of 17 Wall Street experts participating, 47% predict gold prices will decrease, 35% are neutral, and only 18% expect an increase.
In contrast, 230 individual investors participating in the online survey showed a 65.7% price increase forecast, showing strong demand from the mass market, especially when short-term corrections are considered an opportunity to gather goods.
Adrian Day, chairman of Adrian Day Asset Management, a financial management and consulting firm (USA), said: "Gold may need to retest the bottom around $3,930/ounce before recovering. However, all adjustments are expected to be quick and shallow as long-term supporting factors such as economic instability, potential loose monetary policy, and geopolitical risks remain."
Meanwhile, Jim Wyckoff ( Kitco.com) warned that short-term technical charts are weakening, while Alex Kuptsikevich (FxPros) believes that gold's upside could be limited if the USD strengthens, due to expectations of the Fed maintaining a neutral stance. He stressed that the market's ability to lower interest rates in December is creating short-term selling pressure, making it difficult for gold to break out strongly this week.
However, the basic factors are still an important support. US economic uncertainty, the possibility of the Fed resuming pumping programs, along with global geopolitical tensions, still keep gold in a medium-term uptrend.
Expert Ole Hansen (Saxo Bank) believes that gold will maintain its medium-term upward momentum, unless the stock market experiences a strong sell-off.
James Stanley (Forex.com) also predicted that gold will continue to maintain buying momentum around important support levels, with $4,000/ounce being the key threshold, while the threshold below $3,930 is considered the final test before the risk of a deep decline.
In fact, last week showed strong buying pressure around the threshold of 4,000 USD, helping gold recover after declines, proving that investors see 3,930 - 4,000 USD as a strategic opportunity to gather goods. Experts note that, to determine a reasonable trading time, investors need to closely monitor the USD, US economic data, and the Fed's moves.
Gold prices this week are likely to fluctuate around $4,000/ounce, with corrections to nearly $3,930 seen as a buying opportunity.
Short-term selling pressure may appear, but if the underlying supporting factors remain, gold is likely to maintain a medium-term uptrend.
Regarding domestic gold prices, SJC gold bar prices are currently trading around 149 - 151 million VND/tael (buy - sell).
The price of 9999 Bao Tin Minh Chau gold rings is trading around 147.8 - 150.8 million VND/tael (buy - sell).
