FUNDAMENTALS:
Gold prices might see some more consolidation next week as the metal’s safe-haven allure continues to lose traction, according to analysts. But, the Federal Reserve meeting could offer surprising support to the yellow metal.
Even bullish gold analysts are admitting that the precious metal could retreat a bit further next week, especially after commodity markets chose to ignore another North Korean missile strike and a London terrorist attack on Friday.
“I am generally confident in gold, but I feel the metal is due for a bit of a correction next week,” Jasper Lawler, head of research at London Capital Group, told Kitco News.
Lawler noted that the safe-haven status gold offers have been temporarily removed. “When we reached the $1,350 level, it created nervousness. Today, we had a new missile launch from North Korea, yet gold was not able to capitalize on that, nor did other safe-haven currencies.”
Yet, geopolitical issues will not be disappearing into the background next week either, said Simona Gambarini, an analyst at Capital Economics.
Levels To Watch: $1,300 To Hold: XAUUSD GOLD Forecast
Gold prices might see some more consolidation next week as the metal’s safe-haven allure continues to lose traction, according to analysts. But, the Federal Reserve meeting could offer surprising support to the yellow metal.
Even bullish gold analysts are admitting that the precious metal could retreat a bit further next week, especially after commodity markets chose to ignore another North Korean missile strike and a London terrorist attack on Friday.
“I am generally confident in gold, but I feel the metal is due for a bit of a correction next week,” Jasper Lawler, head of research at London Capital Group, told Kitco News.
Lawler noted that the safe-haven status gold offers have been temporarily removed. “When we reached the $1,350 level, it created nervousness. Today, we had a new missile launch from North Korea, yet gold was not able to capitalize on that, nor did other safe-haven currencies.”
Yet, geopolitical issues will not be disappearing into the background next week either, said Simona Gambarini, an analyst at Capital Economics.
Levels To Watch: $1,300 To Hold: XAUUSD GOLD Forecast
