World gold price movements last week
Gold prices recovered after a sharp drop at the beginning of the week, thereby consolidating a series of important support levels in the following days. By the end of the week, when the price once again approached the 4,500 USD mark, market participants became more optimistic about the possibility that this precious metal has overcome a difficult period.
Spot gold prices opened the week at 4,507.36 USD/ounce. The weakening momentum appeared early when the price from a peak of 4,524 USD just 15 minutes after opening on Sunday evening fell deeply to the week's lowest level, around 4,130 USD/ounce, at 3:00 AM Eastern US time.
However, the upward momentum is also strong, almost equivalent to the downward momentum. By 7:00 AM on Monday, gold prices had returned to the level of 4,460 USD/ounce, then increased to 4,487 USD/ounce at 10:15 AM. After retreating to retest the support zone around 4,300 USD/ounce, gold entered a relatively narrow fluctuation phase, in the range from 4,350 - 4,440 USD/ounce.
This trend continued until right after the North American stock market closed Tuesday. At that time, gold recorded the strongest increase of the week, from 4,400 USD to over 4,600 USD/ounce at 9:45 PM.
This development helps to establish a higher price range, at least in the short term, when gold holds above the 4,500 USD/ounce mark until the early morning drop pulls prices below the important support level, to the mid-week bottom near 4,360 USD/ounce right before the stock market closed Thursday's session.
From here, the market momentum reversed once again. Spot gold prices increased again to over 4,470 USD at 2:00 AM on Friday. After a correction to test the support zone around 4,400 USD/ounce, gold prices continued to have the second strong breakthrough of the week, peaking at 4,555.63 USD/ounce on the same day right after 11:15 AM on Friday, before adjusting slightly and closing the week at a level only 7 USD lower than the 4,500 USD/ounce mark.
Gold price forecast for next week
The latest weekly gold survey with Wall Street experts shows that half of Wall Street experts have returned to optimistic views. Meanwhile, individual investors on Main Street also slightly leaned towards the scenario of gold prices going up after a positive trading week.
This week, 16 analysts participated in the survey. 8 experts, equivalent to 50%, predict that gold prices will increase next week.
Meanwhile, 3 people, accounting for 19%, believe that prices will fall. The remaining 5 analysts, equivalent to 31%, believe that short-term risks are in a balanced state.
In the opposite direction, the online poll recorded 263 votes. The psychology of Main Street investors this week is quite similar to experts, which is rare in recent times.
There are 139 small traders, equivalent to 53%, predicting gold prices will increase next week. Meanwhile, 60 people, accounting for 23%, believe that this precious metal will go down. The remaining 64 investors, equivalent to 24%, predict that gold prices will go sideways and accumulate next week.
Economic data to be tracked next week
Next week, the market will have fewer than one trading session due to the Good Friday holiday. However, government agencies are still working normally and the March jobs report will be announced on schedule, becoming the most notable data event of the week.
In addition, the market will also monitor a series of other important information such as the speech of US Federal Reserve (Fed) Chairman Jerome Powell at Harvard University on Monday; JOLTS jobs data and consumer confidence index released on Tuesday; ADP jobs report, retail sales and ISM manufacturing PMI index released on Wednesday; along with weekly jobless claims on Thursday morning.
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