Next week the gold price continues to rise

After the meeting of the Commission policy the US Federal Open Market takes place in the middle of last week decided not to raise interest rates, gold prices have tended to rise again. At various times, the price of gold up the highest peak in the past 2 weeks. Trading session week (23/9), the gold price $ 1,337 higher pin / oz. It can be said, the gold market underwent 1 week with the highest margin rose nearly 2 months ago.

 

Many investors had earlier said that the gold market is apparently happenings with an assumption that will not have any interest rate hike by the Fed does from now until the end of the year. So, what factors affect gold prices next week are more people interested in just selling gold operations profit before the end of September, which is also the end of the third quarter / 2016. In addition, political factors are also taken into account when the market two US presidential candidates are aggressively preparing to enter the first round of debate.

 

Meanwhile, the survey forecast gold prices next week conducted by Kitco News also showed forecasts both channels (Wall Street and Main Street) share many positive comments, said the price of gold continues circuit extension increased from last week, shortly after the Fed decided not to raise interest rates soon.

 

Namely, there were 12/20 analysts and market traders of gold to express an opinion (percentage 60%) believe in the possibility of gold prices continued to rise in the coming weeks. Along with the 596/809 people participated in the online survey of Kitco News (percentage 74%) also believe in the gold price even higher current levels, gold is also rising in the long term.

 

Phil Flynn, senior market analyst and price of the Futures Group said that the gold price will be even higher since the Fed decided to keep interest rates steady. Meanwhile, no signals showing that the agency represents monetary policy tightening in the near future at least.

 

"Granted, the Fed will raise interest rates in December this year, but that fear will not have much impact on the gold market, because from now on there is also the long-term interest rates have been kept low, "Flynn said. "Many people like me who feel the same, because if we look at the ratio bet towards the Fed raising interest rates in December was only 60% and is on the decrease. People will have the feeling that, even Fed moves to raise interest rates in December and will not lead to a series of interest rate hikes, just like that was enough support for gold prices. "

 

Similarly, Charlie Nedoss, senior strategist at LaSalle Futures Group's market through technical analysis chart the path of gold prices has that 100-day moving average of the price of gold is appearing a greater level of support . The trial in this week shows that the gold price would have soared at more power is like the rocket launcher.

 

Cautious than before the rise of the gold price, Kevin Grady, president of the Futures and Options LLC Phoenix are more likely to get the price of gold may be halted or reduced price activities before profit taking at the end of September and the end of the third quarter. He also pointed out that there were about 5,000 contracts were signed new term of last week the price of gold could fall, but more likely the price of gold will not be falling.

 

Meanwhile, Ralph Preston, of Heritage West Financial Director also said that the rise in gold prices from the beginning of this year there will be signs of slowing. Moreover, the market at the end of the month and a wealth of activities often take profits and selling gold, the gold price should not easily be able to reach the level of $ 1,362 / oz. Hence, it is necessary to examine the level of support gold prices in the $ 1200 / oz in the period from now until the end of the year.

 

Ken Morrison, editor of the newsletter, the market Morrison said that the dollar remains bullish after the Fed's decision and proportional to the size of the bet interest rates rise in March 12. This is "an attack headwind "not good for the gold price, so in short, can the price of gold dropped back to $ 1,330 / oz.

 

"In the first months, the possibility of the gold price can be reduced to the $ 1,300 / oz. This capability is even higher gold price assumptions will rise to $ 1,375 / oz in the last August, "said Ken Morrison.

 

Next week, markets will also consider the report on home sales in September's US confidence index, consumer price index, as well as reports on unemployment levels ...

According to Nguyen Quynh

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