Last week, gold fell more than 1% due to the lack of economic data and market-stimulating events. The latest weekly gold survey by Kitco News shows that the precious metal market has lost optimism as less than half of retail investors expect gold prices to rise this week, while many market analysts are returning to a downward trend.
The most important economic data for gold traders this week will be the U.S. Consumer Price Index and Producer Price Index for August, which will be released on Wednesday and Thursday, respectively. Market participants will also be monitoring U.S. retail sales for August and the ECB interest rate decision.
Among the participating analysts in the survey, 31% are optimistic about gold in the near future, while 38% believe gold will decline. Meanwhile, 47% of retail investors expect gold prices to rise, and 36% believe prices will be lower. The latest survey indicates that retail investors expect gold to trade around $1,933 per ounce this week.
TRADING STRATEGY FORECAST:
SELL XAUUSD AROUND THE PRICE RANGE 1925 - 1928
Stop Loss: 1932
Take Profit 1: 1920
Take Profit 2: 1915
Take Profit 3: 1910
BUY XAUUSD AROUND THE PRICE RANGE 1908 - 1912
Stop Loss: 1905
Take Profit 1: 1915
Take Profit 2: 1920
Take Profit 3: 1925
The most important economic data for gold traders this week will be the U.S. Consumer Price Index and Producer Price Index for August, which will be released on Wednesday and Thursday, respectively. Market participants will also be monitoring U.S. retail sales for August and the ECB interest rate decision.
Among the participating analysts in the survey, 31% are optimistic about gold in the near future, while 38% believe gold will decline. Meanwhile, 47% of retail investors expect gold prices to rise, and 36% believe prices will be lower. The latest survey indicates that retail investors expect gold to trade around $1,933 per ounce this week.
TRADING STRATEGY FORECAST:
SELL XAUUSD AROUND THE PRICE RANGE 1925 - 1928
Stop Loss: 1932
Take Profit 1: 1920
Take Profit 2: 1915
Take Profit 3: 1910
BUY XAUUSD AROUND THE PRICE RANGE 1908 - 1912
Stop Loss: 1905
Take Profit 1: 1915
Take Profit 2: 1920
Take Profit 3: 1925
