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Is gold at risk of a selloff next week? Analysts sound alarm as markets eye Fed, U.S. data
Gold is trying to hold above the $1,800 an ounce level, but analysts warn of a selloff risk in light of a stronger U.S. dollar.
One of the key things to watch is whether or not gold can hold the $1,797-90 support zone, said Pepperstone head of research Chris Weston.
Next week's main event will be the Federal Reserve's interest rate announcement, followed by the central bank Chair Jerome Powell's press conference, scheduled for Wednesday.
"It doesn't feel like we're in for a major announcement that shocks the U.S. rates market too intently, causing major gyrations in second-order derivates like the USD, equities and gold," Weston said. Read More
U.S. headed towards 'bankruptcy'; Gold will protect you, everything else will 'get crushed'
The U.S. is headed for bankruptcy and economic decline, and the best way to protect your wealth is with gold, said Yaron Brook, managing partner of BHZ Capital.
Brook is the best-selling author of several books, including “Free Market Revolution: How Ayn Rand's Ideas Can End Big Government”. He is the chairman of the board at the Ayn Rand Institute and is host of the Yaron Brook Show.
Speaking with Michelle Makori, editor-in-chief of Kitco News, on the sidelines of the Freedom Fest 2021 conference, Brook said the government is “destructive” and is responsible for the economic troubles the U.S. finds itself in. Read More
'We're in untested waters,' hard assets are real winners
Gold is fighting for its spot above the $1,800 an ounce level. But analysts are not ruling out a selloff towards $1,730 as risk appetite and a stronger U.S. dollar weigh on gold. Read More
Video - Gold trader's chat logs: This shows 'how easy' it is to manipulate the market
Gold, silver, and bitcoin rise ahead of the European open
After a tough end to last week gold has started the week on the front foot rising 0.23% in the Asia Pac session. Silver is also trading well and has moved 0.23% higher to trade at $25.22/oz. In the rest of the commodities complex, copper is 0.40% higher and spot WTI has lost -1.18%. Read More
Gold in limbo ahead of this weeks FOMC meeting
With the Fed meeting this week it is clear that gold is in limbo till the event. Although the yellow metal has had another move above $1800/oz in the Asian session it seems like this is the oscillating pivot point for the metal until the landscape becomes clearer.
Because the inflation (& employment) number is directly linked to a rise in interest rates traders and investors are heading towards the rates markets for an inflation hedge rather than the traditional move to gold. Any more information about tapering or a rise in rates could have a negative impact on the precious metal. Read More
Gold price analysis ahead of this weeks FOMC meeting
Gold has had a great start to the week ahead of this week's all-important FOMC rate decision. Looking at the chart below, it is clear to see the price is anchored to the $1800/oz area as it has been oscillating around the zone for just over a month now. Read More
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Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or other advice.
