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GOLD is in a short-term downtrend

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The price of gold in the global market declined due to the strengthening of the US dollar. The US Dollar Index, which measures the fluctuation of the US currency against six major currencies, increased by 0.23% to reach 101 points.

Investors are eagerly anticipating the upcoming Federal Reserve meeting, while analysts are keen to hear from Fed Chairman Jerome Powell after the expected 25 basis point increase next week.

If the Fed continues to tighten its monetary policy and favorable economic data is released next week, it is likely that the price of gold will experience a significant drop. Prior to the Fed's decision, gold is expected to remain within the range of $1,940 to $1,980 per ounce.

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World gold price tends to increase with spot gold increasing by 2.2 USD compared to last week's closing level to 1,963.1 USD/ounce.

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Gold prices rose to the highest level in more than 2 months early last week creating solid optimism in the market.

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However, some analysts are also warning investors not to "jump in" before the US Federal Reserve (Fed) announces interest rate decision in the middle of this week.

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The latest Kitco News gold survey shows that retail investors expect gold to return to the key $2,000/ounce price zone despite the Fed almost certain to raise interest rates by 25 basis points at this month's meeting.

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Meanwhile, market analysts, although optimistic, remain more cautious.

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Last week, 19 Wall Street analysts participated in Kitco News' gold survey. In which, 42% of analysts believe that the gold price will increase in the near future, while 42% think that the price of gold will decrease.

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Meanwhile, the remaining 16% of analysts think gold prices will move sideways.