Sentiment in gold turning bearish as prices end the week below $1,900 goldsuvery
- Sentiment in the gold market has soured quickly as prices look to end their second week below $1,900 an ounce; however, while prices are expected to head lower, many still see a potential dip as a buying opportunity.
Darn Newsom, senior technical analyst at Barchart.com, said that gold could see some interesting price action next week. He noted that the precious metal has solid downside momentum but is oversold in the short term."That’s a long way down there, and as I said, the contract is already short-term oversold. To pull this off, gold will need to see the US dollar index extend its short-term uptrend next week.
According to some analysts, the selling pressure in gold continues as the members of the Federal Reserve reiterated their hawkish stance on interest rates. Some have said that they expect the Fed Funds rate to peak above 5% before they are able to tame inflation. "A hot CPI reading next week is a major risk for gold. A cool reading would be positive but not nearly to the same degree," said Adam Button, chief currency strategist at Forexlive.com. He added that he is bearish on gold next week.
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