Sentiments in the gold market are changing
May 22, 2023 11:23 amVideo
Latest News
- Key events on April 29: fundamental analysis for beginners April 29, 2024
- Trading plan for GBP/USD on April 29. Simple tips for beginners April 29, 2024
- Trading plan for EUR/USD on April 29. Simple tips for beginners April 29, 2024
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
Last week, gold dropped significantly below $2,000 per ounce. Wall Street analysts are concerned that the sell-off may not be over. Bearish sentiments have also significantly intensified on Main Street, but bulls still led in survey forecasts.
The past week was the worst for gold since February.
One of the major drivers of the decline in gold prices was the rise of the U.S. dollar.
With stable U.S. macroeconomic data, there was demand for the dollar, forcing the Federal Reserve to reconsider interest rates. The market had to adjust its expectations regarding rate hikes.
According to the CME FedWatch Tool, there is currently only a 19.6% chance of another 25-basis-point rate hike in June.
According to the weekly survey of Wall Street analysts, it is clear that the bears are winning the vote. The majority among the 15 participating analysts from Wall Street were bear, with 53% forecasted lower levels. Only 20% were optimistic about prices, while 27% remained neutral.
The Main Street side remained bullish, but bearish sentiments increased significantly. Out of the 927 participating retail investors, 47% expected price increases, 38% predicted declines, and 15% remained neutral.
Optimism regarding the resolution of the debt ceiling debates is another short-term obstacle for gold. Nevertheless, the long-term trend in the precious metal remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: