Gold latest market trend analysis:
Gold news analysis: Last week, the gold price maintained a high consolidation posture, failed to stay above $2,000, last week fell nearly $10, there are analysts pointed out that the gold price failed to convincingly break through $2,000, which caused some caution in the market, some analysts said that gold may need to consolidate in the short term before gold prices rise to an all-time high. While analysts are not looking to bet against gold in the current environment, some say the move has been disappointing as gold has not benefited from a sharp drop in yields and a weaker dollar. Gold closed at $1,992, ending a three-week winning streak and ending the week virtually unchanged from Friday. However, compared to the opening gap at the beginning of the week, the price is down nearly 1%. Commodity analysts said gold prices continue to be driven by global geopolitical factors as the fading of market fear diminishes the metal's safe-haven appeal. While Israel's war with Hamas continues, the conflict remains confined to the Gaza Strip, keeping ongoing chaos in the Middle East under control.
While geopolitical events can provide tradable momentum to the gold market, it does nothing to attract long-term investors. A gold rally based on specific geopolitics needs to see events escalate to sustain its safe-haven buying. With little economic data due next week, investors will continue to digest the Fed's monetary policy decision. While the Fed kept rates unchanged for the second time in a row in this tightening cycle, Fed Chairman Jerome Powell maintained his tightening bias. Is monetary policy restrictive enough to bring inflation down to 2 per cent? The Fed has left the door open for another rate rise. While we believe rates have peaked, market participants are likely to remain cautious in this regard. Assuming there is no further escalation in the Middle East, the upside potential for gold prices could be severely limited. Powell will participate in a panel discussion on "Moneta