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Gold may be brewing upward, but it is difficult to rise in the short term.
Sep 21,2020 16:53CST
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Source:Gold headlines
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SMM News: after last week's fluctuations, the gold market continued to fluctuate around 1950 US dollars / oz.

Jim Wyckoff, a senior technical analyst at Kitco, said bulls in the gold market needed new fundamental positives to drive the short-term gold upward trend.

Daniel Pavilonis, a senior commodities broker at RJO Futures, said short-term interest rates would remain a key influence on the future gold market.

"if interest rates continue to fall, then gold prices can rise. The stock market is in a safe-haven environment, which may put pressure on gold. "

Gold prices are likely to fall back to support levels of $1904 to $1910 an ounce this week before recovering, Pavilonis said.

"on the whole, gold is still consolidating and may fall, but if it is well supported, it will pick up."

Charlie Nedoss, senior market strategist at LaSalle Futures Group, believes that the upward resistance level of $1952 / oz for gold is what investors should pay attention to right now.

Gold has fluctuated higher over the past week, with $1952 / oz at its 10-week moving average. At the top of the afternoon, there will be a resistance of 2000 US dollars per ounce, which will be the first key resistance level. "

George Gero, general manager of Royal Bank of Canada Wealth Management (RBC Wealth Management), said that despite the bullish outlook on gold, gold is not expected to break through the $2000 / oz mark in the short term.

"there are enough problems in global markets to push gold prices higher, but the Fed does not have new stimulus, so gold prices are not ready to break out of volatile areas."

Eureka Miner editor Richard Baker said that although the gold market consolidation is not moving forward, but in terms of market volatility and technical performance, gold prices will rise soon.

"the price of Comex gold futures is expected to hit $1980 an ounce this week."

Baker said the dollar will continue to be under pressure, which is one of the reasons to push gold higher.

Adrian Day, chief executive of Adrian Day Asset Management, said gold prices would continue to rise after key support levels were maintained.

"there are a number of factors in the market that can support gold, not just the easing policies of central banks such as the Federal Reserve."

However, Ole Hansen, head of commodity strategy at Saxo Bank (Saxo Bank), said gold prices could fall back to test support of $1900 an ounce.

"the gold market is still in consolidation, and a lot of the impact comes from the stock market. There is a strong correlation between the S & P 500 and gold, and both have downside risks. "

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