Mr. Rich Checkan - Chairman and COO of Asset Strategies International commented: "Gold prices next week will increase. The foundation of the current gold market has been laid for the past 4 years, as central banks buy gold at unprecedented speeds.
The weakening of the US economy, the political situation in Washington DC, the weak USD and the US "mountain of debt" all show that this upward momentum will continue. If not for any other reason, then also because foreign governments would rather hold and place their trust in gold than in the USD".
Increase," said James Stanley - Senior Market Strategist at Forex. com. "I remain optimistic about gold prices, there is no reason to change at this time, although the current price level is somewhat challenging.
I am tracking the 5.238 USD/ounce mark as a resistance zone after the upward triangle pattern was broken this week, and so far the price has hit its peak twice there. Therefore, in terms of timing, chasing at the current price range may be risky. However, I have not seen any reason to reverse the trend at this time.
Agreeing with this view, Mr. Darin Newsom - Senior Market Analyst at Barchart. com, commented: "Gold prices will rise. The situation does not change and will not change in the near future.
Mr. Darin Newsom believes that the current geopolitical context contains many unpredictable factors and may generate unexpected developments in the near future. According to him, this incertitude makes investors prioritize safe-haven assets. In a risky and unpredictable environment, continuing to hold gold is considered a cautious option.
Mr. Phillip Streible - Market Strategy Director at Blue Line Futures - commented: "Just looking at the diễn biến of stocks and gold at this time is enough. Choosing which assets to hold now is quite easy.
According to Mr. Streible, the S&P 500 index is closing the week in red because it has not been able to overcome the resistance level of 7,000 points. Currently, this index is trading around 6,858 points, down nearly 1% in the week.
Meanwhile, spot gold closed the week at 5,278.2 USD/ounce. Silver also recorded a stronger increase. Spot silver reached 93.66 USD/ounce, up more than 10% in the week.
Mr. Streible said that the strong recovery of gold this month shows that investor sentiment towards the precious metal has changed.
You can clearly see the benefits of holding gold when prices rise steadily and help diversify portfolios in a context of weakening stocks," he said. "Recent price movements in the financial market continue to strengthen the role of gold in the investment portfolio.
Although gold and silver are still significantly lower than the January peak, the two precious metals have rebounded sharply from the bottom. Gold prices increased by 19% compared to the near 4-400 USD/ounce bottom, while silver increased by more than 45% compared to the lowest level.
Economic data to be tracked next week
PMI manufacturing index ISM
ADP, PMI services ISM non-farm payroll
Number of weekly jobless claims in the US
US non-farm payrolls, US retail sales
