Trading strategy for the new week testing the bottom and rebound
World gold prices tend to increase with spot gold increasing by 1.3 USD to 2,036.6 USD/ounce. Last week, the world gold market was less volatile with prices fluctuating in a narrow range between 2,020 USD and 2,030 USD/ounce. Kitco News' latest weekly gold survey results show that Wall Street experts are optimistic about gold in the short term.
Kitco senior analyst Jim Wyckoff also believes that gold prices this week are still stuck in the recent range. According to him, gold will move sideways and in the near term, there will be no fundamental catalyst to inspire speculators to be more active.
As the Fed's main inflation measure, the PCE index released on Thursday will be the most important information expected by the market this week. Along with that, markets will also monitor home sales, consumer confidence reports, US fourth quarter GDP reports, and pending home sales.ư
Kitco senior analyst Jim Wyckoff also believes that gold prices this week are still stuck in the recent range. According to him, gold will move sideways and in the near term, there will be no fundamental catalyst to inspire speculators to be more active.
As the Fed's main inflation measure, the PCE index released on Thursday will be the most important information expected by the market this week. Along with that, markets will also monitor home sales, consumer confidence reports, US fourth quarter GDP reports, and pending home sales.ư
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